Less than half (47%) of people with investable assets of under £500,000 are confident about their finances, according to a Sanlam survey.

By contrast, the findings revealed that confidence among wealthier respondents was higher, with more than two-thirds (71%) of people with investable assets of more than £1m indicating they are confident about their finances.

Of all the respondents to Sanlam’s study, all of whom had at least £50,000 of investable assets, just under one in five (19%) reported feeling less confident now than they were this time last year at the start of the pandemic, while 14% said they are more confident. More than two-thirds (67%) reported no change in confidence.

The survey, which was conducted by Technical Connection and Ad Lucem, also revealed people who regularly see a financial adviser are more likely to feel confident – 59% compared to 35% – about their finances than those who do not.

“After more than a year of rolling lockdowns and huge uncertainty, it is no surprise to see confidence about finances faltering in some groups,” commented Sanlam regional manager, Ian Martin.

“Those with a smaller pot of investable assets may feel under increasing pressure to save a bigger safety net for the future if they have experienced issues with employment or income during the pandemic.

“The good news is that the value of financial advice is clear – those that have regular access to an adviser are more confident and more excited about their finances. It is empowering to take control of your financial future and make informed decisions to achieve your goals and we at Sanlam would encourage anyone anxious about money and planning for the future to seek out advice and support.”

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