LV= Wealth and Wellbeing Research Programme, edition 15

How people in the UK feel about their finances and wellbeing

15 February 2024

5 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. Our latest research highlights the degree of financial confidence of different age groups and the impact of the cost of living.

The LV= Wellness Tracker has seen an increase of 2 points in the last three months to +19 . In comparison to this time last year, this is up 4 points. 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

Key findings:

Young people and finance

The UK’s cost of living crisis has been especially tough on young people, and it is having a negative impact on their health

Gen Z (18-26yrs) are most likely to fall behind on utility bills, credit card loans, and mortgage and rent payments.
Gen Z are also the most likely to have sought face to face mental health support.
Baby Boomer (59-77yrs), Silent (78-95yrs) and Greatest (96yrs+) generations are not reporting these financial challenges, possibly suggesting a contrasting view of financial ‘wellness’.

Graphic showing the need for financial support from others is highest among Gen Z and decreases with age
View full size image for more data

Financial risk

Our data takes a look at peoples’ attitudes to financial risk

60% of UK adults are not comfortable with financial uncertainty.
55% agree they’re more concerned about potential losses than gains when faced with a financial decision.
44% of all consumers prefer a low chance of loss and potential returns above inflation when it comes to choosing a savings or investment product.

Graphic showing 60% of adults are not comfortable with financial uncertainty
View full size image for more data

Finding financial information

Our data shows many people don’t know where to look for help when making financial decisions

Around one in four have never researched or asked for advice on their personal finances.
A third of consumers would go to consumer education websites when looking for help making decisions on personal finances.
27% of 18-24 year olds are using sources such as blogs, podcasts, YouTube and social media.
Older generations are more likely to say they feel knowledgeable enough to make financial decisions without research or advice.

Graphic showing 23% of consumers have never researched or asked for advice on personal finances
View full size image for more data

Financial confidence of women

Our research has uncovered that women have more doubts than men when making decisions on their personal finances

Non-retired women feel a lot less confident than men that they will have saved enough to retire. Only around a third of women (35%) feel confident vs. half (51%) of men.
Men are more comfortable relying on their past experiences than women when making decisions about their personal finances. (24% men vs. 17% of women).

Graphic showing 51% of men and 35% of women are confident they will have saved enough to retire
View full size image for more data

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.

It’s important you use trustworthy and reliable sources when doing your research.

Here’s some useful resources to get you started:

A broker or financial adviser can help you plan your finances and make the most of your money. Unbiased can help connect you with experts in your area. These services may involve some fees.
For free financial support, advice and guidance, use trusted sources such as MoneyHelper, Citizens Advice, StepChange and National Debtline.
Our guides to the state pension and triple lock.
A look at budgeting for retirement and how much you should be paying in to your pension.
Understanding your options such as annuity or drawdown.

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

LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in December 2023.UK population stats from ONS. Total UK adult population is 53.2m UK adults (aged 18+).

A message from our CEO

"We see that more people are reporting feeling more positive than they were twelve months ago. However, there’s more to do. To help people live more financially confident lives, we’re signposting useful information on managing their finances and planning for the future."

David Hynam, Chief Executive, LV=

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.