Confidence in financial wellbeing is growing amongst the UK’s working population, according to new data from investment, protection and retirement specialist, LV=.
Key findings from LV’s third Reaching Resilience report revealed a notable shift in financial confidence for UK workers. Over two thirds (69%) of workers surveyed say they feel financially resilient, up from 65% in 2023. Additionally, around half of respondents reported that the right protection would further enhance their sense of resilience.
Almost one in five (18%) workers now consider themselves to be very financially resilient, a 4% increase in the past 12 months.
The report, which examines financial attitudes across diverse groups, also shows encouraging trends among parents of young children. 77% of this group reportedly feel secure, up from 63% in 2022, and just under four in five (79%) reported that they feel more resilient than a year ago.
These positive findings indicate a shift in outlook as people continue to successfully navigate external pressures, such as the cost of living crisis and ever-evolving economic conditions.
Despite rising confidence, gaps in financial protection remain. Almost half of workers (48%) lack any form of protection cover. Yet, LV’s research shows that a significant portion would feel more secure with an income protection or critical illness product in place.
Half of workers surveyed said they would feel more resilient with insurance that covers monthly outgoings during illness and injury, and a similar number believe a lump-sum payout for serious illness or death would boost their financial confidence.
"This is a significant moment, and with increasing optimism, people are rethinking their financial priorities.
“Our research has revealed this as an ideal time for advisers to have meaningful conversations with their clients about the importance of protection. Whilst it’s encouraging to see financial confidence on the rise, our findings show that the right protection could further strengthen this sense of security.
“LV= is here to help advisers support clients in building financial resilience with tailored solutions offered as part of the LV= Flexible Protection Plan."
LV= is one of the UK’s leading life and pensions mutual insurers, serving over 1 million members and customers across the country. As an investment, protection and retirement specialist, LV= offers a range of products, services and advice to help members and customers protect their income while they’re working and maximise it when they stop.
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the LV= Group of Companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.