Healthy, wealthy, and wise: An essential read for even our commercial banking clients

Our latest report into the nation's financial health and attitude towards money is essential reading for all, including our commercial clients. In partnership with Atomik Research, the report sheds light on the intricate relationship individuals have with money. It uncovers a landscape where worries about financial security, retirement planning, and the need for professional advice are universal, regardless of wealth or age.

Here is a glimpse into key findings from the report:

• Universal concerns: Notably, 81% of respondents reported feeling regularly stressed or worried about their finances.
   
• The need for professional guidance: Despite the prevalence of digital tools, the report reveals a strong desire for personalised financial advice, especially during significant life events. Surprisingly, 41% of respondents are uncertain about seeking advice from their financial providers during such times.
   
• Planning for retirement: With planning for life after work a common concern, insights from the report show that individuals, regardless of wealth, have uncertainties about their pension savings. While 83% believe their pension pot is adequate, only 61% know how much they have saved so far, indicating a need for greater clarity and guidance in retirement planning.
   
• Inheritance and succession planning: Conversations about passing down wealth are often avoided, yet crucial for financial planning. Surprisingly, only 14% of respondents regularly discuss money and inheritance with their children or grandchildren.
   
• Vigilance against financial fraud: Financial fraud remains a significant concern, with 52% of respondents worried about becoming victims. Despite awareness campaigns, 51% of high-net-worth individuals reported not worrying about fraud, emphasising the need for continued education and vigilance.