Crisis drives Britons to organise their finances

  • Sanlam survey finds nearly half of Britons (46%) are thinking more about getting their finances in order

Almost half of Britons (46%) are planning to get their finances in order as a direct result of the current Coronavirus pandemic, according to a survey by Sanlam.

Of these, 49% are confident DIY-ers. First-timers make up 13%; those who plan to speak with a financial adviser for the first time, and 25% will revisit – or speak with a financial adviser, having done so previously.  Another 13% would like to speak with an adviser, but believe it would cost too much, or that they don’t have sufficient assets to make it worthwhile.

Those earning £75,000 or higher and planning to take action are more inclined to take advice. Of this group 40% will be contacting their financial adviser again and 24% are planning to use one for the first time, compared to 32% who said they were confident to organise their finances themselves.

Looking at the population as a whole, millennials seem about as inclined as Generation X to make a first visit (albeit virtual) to a financial adviser with 11% of 18-34 year-olds overall saying that they plan to contact a financial adviser for the first time compared to 9% of those aged 35-54.

John White, CEO of Sanlam’s wealth division, said: It’s natural that people’s thoughts turn to their finances in times of crisis. In addition to unprecedented uncertainty about jobs, people’s businesses and investments, there is also a sense that people want to ‘get their house in order’ when it comes to things such as what inheritance they plan to pass on and their long-term financial resilience.
 
“It’s good to see that nearly half of adults are planning to take action. We would encourage people to seek advice where appropriate; especially those who are running businesses or self-employed, looking at inheritance or retirement, or have investments or are planning to get started investing for their future.  It’s interesting to note that 64% of those earning more that £75,000 who are planning to get their finances in order will be turning to advisers in this regard, and half that number (32%) will tackle it themselves.”


Notes to editors:

An online survey was conducted by Atomik Research among 2,007 adults aged 18+ from the UK. The research fieldwork took place on 22nd – 24th April, 2020. Atomik Research is an independent creative market research agency that employs MRS-certified researchers and abides to MRS code.
 

John White
CEO of Wealth Management

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