Recent research from Monument, the challenger bank for the mass affluent reveals people’s worries and financial strengths as they navigate a period of change. The survey has found that over one in five (21%) of mass affluent lack confidence that their inheritance planning is in order.
Top areas where people are least confident
| 1 | Inheritance planning |
| 2 | Provisions for retirement |
| 3 | Investments (stocks and bonds) |
| 4 | Insurance |
| 5 | Personal loans |
Out of all age groups, 34–54-year-olds lack the most confidence in their finances with 27% citing a lack of confidence in their retirement provisions, 21% stating investments, 18% insurance and 16% savings accounts (16%). Both their younger and older peers worry significantly less about their personal finances. Only 13% of 18–34-year-olds say they are not confident in their retirement provisions being in order, 12% in their investments and 10% in their savings.
When asked which areas of their finances they feel least confident about managing without professional advice, tax planning was mentioned by almost a quarter of mass affluents (23%). Inheritance planning is also an area where more help is needed, with 22% noting they’re not confident to manage this on their own. Other areas such as retirement planning (17%) and investments (17%) also sit at the top.
Ian Rand, Chief Executive of Monument comments: “Our research clearly shows that the mass affluent are feeling a lack of confidence in various areas of their finances, which is further compounded by a lack of confidence in being able to manage these areas without the help of professional advice.
“This group is feeling a rising pressure on their finances and the recent Budget will have only added further complexities. However, this also presents an opportunity – now more than ever, it’s crucial to proactively engage with your finances.”
