69% of financial advice seekers expect Labour government policies to ‘materially affect’ their finances

• 69% of people who sought financial advice in the last year say they expect Labour’s policies to ‘materially affect’ their finances, according to research by Unbiased. 
• The policy changes most likely to affect people are planned inheritance tax on pensions, an increase in employers’ national insurance contributions, and capital gains tax rises. 
• Almost 1 in 4 say their decision to seek financial advice resulted from tax or policy changes announced by the Labour government since it came to power last July.  
• The findings come as chancellor Rachel Reeves prepares to give the Spring Forecast on Wednesday 26 March.  
• Karen Barrett, founder and chief executive of Unbiased, says that financial advice can help people navigate uncertainty.  

69% of people who sought professional financial advice via Unbiased in the last year say they expect Labour’s recent economic policies to ‘materially affect’ their finances. 

Unbiased, the UK’s leading platform for matching people with qualified financial experts, surveyed consumers who had sought financial advice through its platform in the last year. 

The findings are released ahead of the Spring Forecast on Wednesday 26 March where Reeves will provide an update on the UK economy and potentially announce spending cuts or tax rises.  

The survey also found that almost 1 in 4 people (24%) say their decision to seek financial advice resulted from tax or policy changes announced by the Labour government. 

When asked about what policy changes were likely to affect them, respondents said planned inheritance tax on pensions from April 2027 (40%), the increase in employers’ national insurance contributions (37%) and capital gains tax rises from October 2024 (34%). 

‘Policy changes having a significant effect’ 

“It’s clear recent tax changes by the UK government have had a significant effect on individuals and businesses,” says Karen Barrett, founder and chief executive of Unbiased.   

“Many are clearly revising their plans due to policies from last year’s Autumn Budget., including the planned inheritance tax on pensions and increase in employers’ national insurance contributions.   

“The new inheritance tax proposals for pensions are likely to add complexity during a difficult time, with experts suggesting alternative strategies during an HMRC technical consultation that closed in January.  

“It’s vital that the government considers whether these proposals are viable and, if so, the simplest way to implement them to ensure people can effectively plan for the future.   

“One reliable way for people to overcome uncertainty with their financial future is to seek expert advice, so they are prepared, regardless of what happens during the Spring Forecast or Autumn Budget later this year.”