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A quarterly snapshot of the nation – Spring/Summer 2024

LV= Wealth and Wellbeing Research Programme

How people in the UK feel about their finances and wellbeing

Our research gives a unique snapshot of the UK’s financial and emotional health

This helps us understand the hopes and concerns of the nation, allowing us to better serve our members and communities. Our latest research highlights the degree of financial confidence of different age groups and the impact of the cost of living.

Our latest data takes a look at:

Key findings:

Financial scams

People are losing money to increasingly sophisticated scams. From purchase scams to pension fraud, these criminal schemes are getting harder to spot. With content designed to look like genuine trusted organisations, impersonation scams are catching many people out.

  • 3.8m lost money to purchase scams in the last year
  • 18-34 year olds are more likely to fall victim (13% vs 7% of general public)
  • 36% have experienced a trusted organisation scam
  • 42% have received phishing scams

Take a look at our guide to common scams, how to spot them and what to do next. 

1 in 3 have experienced a trusted organisation scam

Coping with cost of living

High cost of living is impacting people of all ages, though less so with older generations. Younger generations are struggling with rising living costs and inflation, while older generations are more likely to be financially comfortable.  

  • Millennials (28-43yrs) and Gen Z (18-27yrs) continue to struggle, but are more optimistic about their financial future
  • Parents with children under 10 are more likely to fall behind on utility bills
  • One in four mortgage holders are worried about the impact of interest rate rises on mortgage repayments
  • Gen X (44-59yrs) is the least financially comfortable

Take a look at our cost of living hub for support and advice.

Bar chart showing Gen Z have the most money worries at 49%

Saving for retirement

Over a third of UK adults are using ISA savings for retirement. 

  • 37% are using ISA savings for retirement
  • Men (42%) are more likely to save this way than women (31%)
  • Younger people (18-34) are more likely to be saving into an ISA for a particular reason, for example mortgage deposit (26%) and holidays (21%)

Take a look at our guide to saving for retirement.

37% of UK adults reported investing in ISAs for their retirement

Financial confidence

Our data shows gaps in financial knowledge for certain groups at key life stages.

The right knowledge could help you to increase your financial confidence and plan for a secure future.

There’s plenty more to help you in our pensions and retirement guides and life insurance guides section.

Wellness tracker showing a score of +20, with a graph showing a gradual decrease over the past few years

The LV= Wellness Tracker has seen an increase of 1 point since December to +20. This continues a sense of slowly returning optimism and stability. The LV= Wellness Tracker measures those who say they are comfortable against those who are struggling, indicating the current level of the nation’s financial resilience. Scores can range from +100 to -100.

Increase your financial confidence

A message from our CEO

"Keeping people's money safe is a priority at LV=, whether that's through our low risk investments or by helping people spot financial scams. To help people live more financially confident lives, we’re signposting useful information on consumer fraud, managing your money and planning for the future."

David Hynam, Chief Executive, LV=


LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in March 2024. UK population stats from ONS. Total UK adult population is 53.2m UK adults (aged 18+)

View the full report

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The information contained in these articles is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. Some articles may contain links to third party websites. LV= does not accept any responsibility for, nor makes any representations as to the accuracy of, any content on such third party websites.

All of our content is approved by our in-house expert author board.