Age a clear divider in mass affluents’ take on personal finances following general election

Following Labour taking over the political reins and with the Budget just around the corner, new research from Monument, the challenger bank, shows that the UK’s mass affluent take a varying approach to reviewing their finances – and age plays a clear role. 

Savings top the tables for all age groups, with nearly half of all mass affluent (48%) saying they will be reviewing their savings following the general election. This is followed by 31% who say they would review their stock market investments and 29% who say they will review their retirement provisions. 

But clear differences emerge when looking at different age groups: 

Q: Following the UK general election result, which areas, if any, of your personal finances will you look to address/ review in the next 6 months?

 
 
 All age groups 18-34s35-54sOver 55s
1Savings (48%)Savings (51%)Savings (48%)Savings (45%)
2Stock Market Investments (31%)Insurance (43%)Retirement Provisions (29%)Inheritance Tax Planning (30%)
3Retirement Provisions (29%)Stock Market Investments (39%)Mortgage (29%)Retirement Provisions (29%)
4Insurance (28%)Property Investments (34%)Stock Market Investments (28%)Stock Market Investments (24%)
5Inheritance tax planning (24%)Retirement Provisions (28%) Insurance (26%) Generic tax planning (CGT, income tax) (21%)

18-34 year olds

The younger generation, including Gen Z and young Millennials, shows a proactive approach to financial management, with savings, insurances and stock market investments on their top lists to review. A significant 43% are reviewing their insurance products, and 45% are planning to increase their savings. This age group is also keen on property investments (34%), with many prioritizing this area more than their older counterparts.

35-54 year olds

This age group has used the new Labour government as a hook to prioritise reviewing their savings, retirement provisions and mortgages. A notable 32% of this age group are planning to increase their pension contributions, demonstrating a strong commitment to long-term financial stability. Additionally, 19% are saving for their children’s university fees, and 15% are setting aside funds for their children’s house deposits.

 
 

55 year olds

For those aged 55 and above, the focus shifts slightly and savings, inheritance tax planning and property investments mark the top three spots for areas of their finances they are revieing following the general election.  While savings remain a priority, with 45% of this group prioritizing it, only 25% plan to increase their contributions. Insurance review is less of a concern, with only 11% making it a priority. Property investments are also less of a focus, with just 7% worried about this area.

Ian Rand, CEO at Monument Bank said: “The recent general election served as a timely reminder for many to take stock of their financial health and make necessary adjustments to secure their future. Our latest survey highlights some fascinating age divides in how the mass affluent are responding to this new political landscape.

Younger generations, particularly Gen Z and young Millennials, are keenly aware of the need to safeguard their future, by prioritising things such as their insurance and retirement provisions. On the other hand, those over 55 are less focused on these areas, which might reflect a different set of priorities or a sense of financial stability.

 
 

With the autumn budget imminently approaching, it is good to see people are already looking at their savings. Their proactive approach will pave the way for a secure financial future and peace of mind.”

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