Our regular client survey is a really useful tool to give us a clearer picture of how people are feeling about their financial future, and the challenges and priorities they’re facing.
In September, we surveyed more than 1000 clients for their thoughts on the current economic climate and their financial priorities.
The survey generated more than 100 detailed responses.
13% said their financial confidence has remained unchanged since the last quarter, while 33.33% have reported a decline in confidence, and only 13.54% are feeling more optimistic about their financial outlook.
- 60% of clients’ top challenge in the next six months is related to retirement, with 51.04% expressing concerns about financial security in retirement, 7.29% unsure of when they can retire, and 1.04% still uncertain about whether they can afford to retire.
- 29% of respondents believe that the government’s top priority should be focusing on the economy, followed by healthcare (28.13%), with smaller groups highlighting education and security (4.17% each).
This latest survey, the first since the election of the new government, reveals a noticeable drop in financial confidence among clients, with a third feeling less secure about their financial future. Broader economic factors are likely contributing to this unease. Accordingly, 57.29% of respondents believe that the government’s top priority should be focusing on the economy.
Once again, retirement remains a central concern. Clients continue to question when they can retire, whether they can afford it, and how financially secure they will be in the long term.
Karl Pemberton, managing director, said: “Given the changing economic climate, it’s no surprise that confidence has been shaken for some, as we wait for the Chancellor’s first Budget in October – when we’ll see what changes are made and how they impact our clients. It’s no surprise that a majority are rooting for economic growth in the near future, since this is the bedrock on which other policy decisions can be effected.
“Once again, retirement-related issues remain at the forefront for our clients, which is not surprising given the significance of this key life milestone. However, it’s important to remember that financial planning can alleviate a lot of this uncertainty. Our role as financial advisers is to help provide peace of mind – so our clients don’t have to carry the burden of financial worry. I’d encourage anyone with concerns to seek financial advice to ensure they’re on the right track.”
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