Marvin Onumonu24.2 million adults in the UK do not expect their finances to improve over the next five years, according to findings from LV=.
One in five adults (20%) said nothing would make them feel more secure in the next year.
Nearly half (45%) were not confident about their future financial situation.
Among those lacking confidence, almost a quarter (23%) pointed to not having enough savings or pension provision.
Additionally, LV= reported that clients who have taken advice from a financial adviser are more confident about their financial future, with 50% saying they feel secure, compared to 19% of those who have never sought advice.
Gwen Haggo, savings and retirement sales director at LV=, said: “24.2 million people believe their financial situation will not improve in the next five years, a figure that truly highlights the scale of the challenge.
“We want to support advisers to change this narrative and demonstrate the options available to their clients.
“These findings also highlight the growing uncertainty surrounding retirement planning.”
Haggo added: “Complex tax rules, market volatility and changing legislation mean that, without tailored advice, clients risk falling short of their long-term goals.
“Advisers are uniquely positioned to guide clients through these challenges, ensuring plans are robust, tax-efficient and aligned with their objectives.
“By blending solutions such as pensions, ISAs and onshore bonds into a multi-tax wrapper approach, financial advisers can help clients build a retirement portfolio that supports their later life plans.
“By taking a proactive approach now, clients can take steps to secure the financial future they desire.”
