A quarterly snapshot of the nation - Edition 13
"We've combed through three years of data, taking us from pandemic to present.
In this anniversary edition, we explore what challenges people have faced and how their priorities have changed. This research helps us understand the hopes and concerns of the nation, allowing us to better serve our members and communities."
The LV= Wellness Tracker measures those who say they are ‘comfortable’ (58%) against those who are struggling (42%), indicating the current level of the nation’s financial resilience (+17).
More people aged 35-54 (51%) would describe their financial situation as “struggling” than other age groups. This “stretched middle” age group typically have more financial responsibilities such as children, a mortgage and elderly parents. See more on page 6.
Since 2020, nearly half of UK adults are putting more focus on their physical health. Many are also prioritising family time. See more on page 9.
While supermarket spend remains high, some other household costs have reduced. Most British people still hold a negative view of their current finances, but there are hints of an upturn. See more on page 12.
More findings from Edition 13
8% of 18-34 year olds have opted out of their employer's pension scheme because they can't afford it. This is a risk as it may mean making much higher pension contributions in the future to make up the difference. See more on page 13.
Almost a third of retirees helped friends and family financially and over one in ten of them dipped into their pension to do so. It’s important they don’t use too much of their retirement savings as these need to last their whole retirement. See more on page 14.
86% of respondents who had previously used a financial adviser said they saw benefits to the advice they’d received. See more on page 16.
More than one in ten workers is considering unlocking money tied up in their home through a lifetime mortgage or downsizing when they retire. See more on page 17.
LV= Wealth and Wellbeing Research Programme indices
Since June 2020, we've tracked changes in consumer spending, saving and financial outlook.
Read more on how these indices have tracked in our latest research.
