Inheritance planning, retirement provisions and investments top the financial worry list for the UK’s mass affluent

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

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.”