One in three people lack confidence in their financial resilience - survey

15 January 2024 , 12:28

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A traditional piggy bank is smashed open with a hammer. (Image: PA Archive/PA Images)

A survey has revealed that one in three UK adults are not confident about their financial resilience.

The study, conducted by YouGov for HSBC UK, found that 34% of people do not feel secure in their ability to handle unexpected expenses. On the other hand, six in ten (59%) people do feel confident about their financial resilience. However, 7% said they did not know how they felt about their financial stability.

The research also showed that slightly more people (41%) feel confident about achieving their financial goals this year than those who are not confident (36%). When asked about their finances since May 2023, responses were fairly evenly split. Nearly half (49%) of people said their finances had improved or remained stable, while 47% said their finances had worsened.

Steve Reay, a financial wellbeing expert at HSBC UK, commented: "While it is reassuring to see the level of financial optimism among consumers, it is obvious that the increased cost-of-living is still a source of concern for many. We have worked hard over the last year to educate and empower people with regard to their finances, and a key part of this is helping to build financial resilience."

In 2023, HSBC UK's financial wellbeing team held webinars that were attended by more than 50,000 people. These webinars were open to both customers and non-customers. The YouGov survey was conducted across the UK for HSBC UK in November 2023, with more than 2,100 people participating.

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Lawrence Matheson