Half of adults lack confidence in future finances, finds LV=

24.2 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.”