Three in five UK adults (62%) are concerned or “very concerned” about their finances, a new report from Schroders Personal Wealth (SPW) has indicated.

Of this group, 79% also reported that their financial situation is impacting their mental wellbeing.

SPW’s report, which included a survey of 1,000 UK adults to understand attitudes to finances and wellbeing, revealed that those aged between 35 and 54 were more concerned about their finances than older age groups. SPW said this highlights the challenges of balancing multiple financial responsibilities while potentially facing career uncertainties.

The report also suggested that 70% of UK adults are worried about the impact of the cost of living crisis, with 55% likely to make a financial plan, but only 8% currently having one in place. SPW also found that more than one in five people (22%) think that financial planning would be too expensive

Two in five respondents (41%) have made sorting out their finances a top priority, which reflects a 5% increase from SPW’s research in 2023.

Chief client officer at SPW, Ben Waterhouse, said: “This report highlights the importance of financial wellbeing and the critical role that financial planning can play in supporting individuals.

“By understanding key concerns and priorities, we can develop strategies and solutions that not only help alleviate financial stress but also aim to enhance overall wellbeing. We hope that the insights from this report will inspire meaningful conversations and actions towards a more financially stable and mentally healthy future.”

Personal wealth adviser at Schroders Person Wealth, Alice Harmer, added: “By working with a financial adviser, individuals can gain clarity on their financial situation, set realistic goals, and develop a plan that aims to achieve them.

“This personalised approach ensures that individuals are not only prepared for the future but also able to enjoy peace of mind knowing they are on the right path.”

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