Just 4% of people feel more confident about their personal finances following the Autumn Budget, while 25% say they are less confident, new research has found.

The snap poll of 300 UK adults found that 58% said the Budget had made no difference to their confidence in their personal finances, while 13% were unsure. The findings come after what many viewed as a relatively low-key and cautious fiscal statement.

The survey indicates growing concern about the rising tax burden on households, with more people being pulled into higher tax bands through fiscal drag and higher rates of tax on savings and property income set to take effect from April 2027.

Malvee Vaja, chartered financial planner at Rathbones, said the measures were contributing to a growing sense of pressure on household finances.

"Higher tax rates on savings and property income may look like tinkering around the edges in isolation, but taken together they add to a much broader squeeze on people trying to save, invest and build wealth for the future," she said.

Vaja warned of a "death by a thousand cuts" as successive tax changes gradually eroded wealth and made long-term financial planning more challenging. She added that there was a risk policymakers could discourage people from saving and investing.

The Budget has also prompted many households to reconsider their finances. Nearly one in five respondents (18%) said they were reviewing their savings and investments, while 8% were reassessing their pension or retirement plans and 6% were reconsidering their tax or estate planning arrangements.

However, a significant proportion remain on the sidelines. Almost two-fifths (39%) said they had no plans to take action, while a further 23% were undecided.

Nehal Desai, senior investment director at Rathbones, said: “It is telling that almost one in five of our sample are reviewing their savings and investments. The renewed focus on the taxation of savings income, alongside the U-turn over plans to cut the cash ISA allowance, may well have concentrated minds. Savers increasingly need to consider not only the headline return on their money, but how much of that return they ultimately get to keep.

“That doesn’t mean ripping up your financial plans because of a Budget announcement. Instead, it is a useful opportunity to look under the bonnet and make sure you are making sensible use of the allowances and tax-efficient wrappers available to you, including ISAs and pensions where appropriate."

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