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LV= Wealth and Wellbeing Research Programme, edition 14

How people in the UK feel about their finances and wellbeing

3 minutes

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. This edition focuses on the festive season, retirement plans and financial knowledge.

plus 17 graphic in a laptop next to an upward graph

The LV= Wellness Tracker has plateaued at +17 as we head into the winter months. 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.

View the full report for more on the Wellness Tracker 

Key findings:

Christmas spending

As the cost of living crisis continues, more families are cutting back again this Christmas:

  • 1 in 3 people aged 35 to 54 spending less on Christmas than last year
  • 10% of parents say they’ll need to cut back a lot compared to last year
 

Retirement planning

Most people don’t know enough to plan for a comfortable retirement:

  • 83% of non-retired people didn’t know how much the current state pension is
  • 1 in 5 working pension holders reduced or stopped contributions

Women and finance

Women report less financial knowledge and more financial worries than men:

  • 47% of women are worried about paying their energy bills (compared to 31% of men)
  • Women are at least 20% more likely to say they don’t know how to stay financially secure in retirement

Financial confidence

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

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

Here’s some useful resources to get you started:

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

Longitudinal data

Many people are less worried than two years ago, but key groups continue to struggle.

line graph showing longitudinal data

View the full report to read more on how the longitudinal data is tracking in our latest research.

 

A message from our CEO

“People are a little less worried about rising costs than a year ago, however, we have seen an emerging picture in our data of gaps in financial knowledge. We want to know why this is happening and see if some problems could have been avoided if people had better awareness of their options. We are committed to finding out more.”

David Hynam headshot