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Financial vulnerability remains high across age groups, analysis finds

Research from Hymans Robertson Personal Wealth found 44% of people aged 18 to 60 shared the same financial vulnerability score as workers aged 40 to 60.

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Workers aged 40 to 60 were as financially vulnerable as those aged 18 to 30, research from Hymans Robertson Personal Wealth found.

44% of people aged 18 to 60 shared the same financial vulnerability score.

Debt was a major worry for 34% of those aged 40 to 60, compared with 27% of workers aged 18 to 30.

Rent or mortgage payments concerned 19% of respondents aged 18 to 54.

Hymans Robertson said employers should update their financial wellbeing programmes to cover debt, savings, housing costs, family commitments and retirement planning.

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Ollie Le Farge, corporate client manager at Hymans Robertson Personal Wealth, said: “Financial resilience and wellbeing are often assumed to be something that strengthens naturally over the course of a career. 

“These findings suggest that’s not always the case. Financial pressures don’t simply disappear with age, they evolve. 

“Whether it’s managing a mortgage, supporting family members, repaying debt or balancing competing financial priorities, many people continue to face significant challenges well into mid and later career.”

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Le Farge added: “Employers need to respond by helping people build confidence across the areas that matter most to them, from managing debt and short-term savings to housing costs, family commitments and retirement planning.

“What is particularly striking by the findings is that employees can reach mid and later career stages carrying financial challenges that may affect their ability to prepare for an adequate retirement. 

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“The earlier people engage with their finances, and access support that feels relevant to their circumstances, the greater their opportunity to improve long-term financial wellbeing and retirement outcomes.”

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He said: “Employers must ensure that their financial wellbeing programmes target key life stressors, whether that’s weathering financial shock by building savings buffers, dealing with debt, or understanding mortgages, wellbeing programmes should reflect this.

“Employers have a real opportunity to make a difference. 

“Financial resilience isn’t built overnight. It’s developed through ongoing engagement, informed decision-making and making financial planning part of everyday life.”

He added: “When employees are empowered to take those steps, they are better placed to navigate both expected and unexpected financial challenges. 

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“Investing in support that makes a difference benefits the workforce, but can also support higher engagement, improved productivity and a stronger employee value proposition.”

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