• 72% of UK adults are currently concerned about their personal finances
• Apathy reigns as over 13.5 million UK adults haven’t done anything to sort out their money worries
• Two in five consumers are concerned about their savings situation while 29% are worried about their pension provisions
• Unbiased.co.uk urges consumers to seek professional advice on their personal finances

At a time when consumer finances are under increasing pressure from rising inflation and low interest rates, unbiased.co.uk, the professional advice website, reveals that more than 35 million UK adults currently admit to worrying about their finances and yet 38% of those still haven’t done anything at all to help their financial situation.

AGE OF WORRIES

Topping the list of financial issues currently troubling consumers are savings (39%), followed by personal retirement planning (29%).  41% of 18-34 year olds and 43% of those aged 55 and above said that savings were their biggest concern, while pensions most plagued the middle generation (38%).

Table showing top areas of personal finances Brits are most concerned about:

FINANCE APATHY

It seems that consumers remain reluctant to take action to sort out their finances; 38% of those who are concerned about their finances admitted that they hadn’t taken any action to help their situation, the worst culprits being 35-54 year olds where 41% haven’t done anything to address their financial concerns, compared to a third (33%) of 18-34 year olds. However, almost a quarter (23%) of consumers believe that they do not have any concerns whatsoever about their current personal finances.

ACTION TAKEN

Of those with financial concerns who had taken action, 22% said they had started saving into a savings account; one in five (20%) had changed the way they saved and invested; 13% had made a tax-efficient investment such as an ISA; 9% had taken financial advice from an independent financial adviser (IFA) and 8% had made contributions to their employee pension.

Data from unbiased.co.uk’s ‘find an IFA’ service shows that retirement planning is the most in-demand area of independent financial advice, driving 38% of consumer searches.  Investment and savings advice followed closely behind accounting for over a quarter (26%) of searches. 

Karen Barrett, Chief Executive of unbiased.co.uk, comments; “The current economic outlook is uncertain and as our research shows there are some real financial concerns for consumers right now.  The real issue though is the fact that people are still apathetic about their finances despite this.  

“Savings and pension concerns aren’t going to go away so it’s important that people take control of their finances now and seek advice on the best way of saving for the future to make sure they have that financial buffer in place for retirement.  Worrying won’t sort out your finances but seeking professional advice from an independent financial adviser (IFA) can and will help to reduce those concerns.  An IFA will be able to advise on how to get the right balance according to your monetary goals and current financial position. You can carry out a free and confidential search to find an independent financial adviser near you by visiting unbiased.co.uk.”