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Sanlam: Financial confidence falters amid Covid-19 pandemic 

  • Sanlam survey finds confidence rises with levels of investable wealth.
  • One in five respondents are less confident now than they were last year.

Less than half (47%) of people with investable assets of under £500k are confident about their finances, a Sanlam survey has found.

In contrast, the survey conducted by Technical Connection and Ad Lucem found confidence among wealthier respondents was higher. More than two-thirds (71%) of people with investable assets of more than £1m said they are confident about their finances.

Of all respondents to the survey[1], all of whom had at least £50,000 of investable assets, just under one in five (19%) report feeling less confident now than they were this time last year at the start of the pandemic, and under one in six (14%) say they are more confident. More than two-thirds (67%) report no change in confidence.

The survey also reveals people who regularly see a financial adviser are more likely to feel confident (59% vs 35%) about their finances than those who do not and are six times more likely to be excited about their finances.

Ian Martin, Regional Manager, North, Sanlam UK said: “After more than a year of rolling lockdowns and huge uncertainty, it is no surprise to see confidence about finances faltering in some groups. Those with a smaller pot of investable assets may feel under increasing pressure to save a bigger safety net for the future if they have experienced issues with employment or income during the pandemic.

“The good news is that the value of financial advice is clear – those that have regular access to an adviser are more confident and more excited about their finances. It is empowering to take control of your financial future and make informed decisions to achieve your goals and we at Sanlam would encourage anyone anxious about money and planning for the future to seek out advice and support.”

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