April 25, 2024
Finance

One in three UK adults not confident about their financial resilience – survey


One in three (34%) people do not feel confident about their financial resilience and ability to withstand unexpected expenses, a survey indicates.

Six in 10 (59%) people do feel confident about their financial resilience, the YouGov research, carried out for HSBC UK found. The remaining 7% said they did not know.

The research also indicated slightly more people (41%) feel confident about achieving their financial goals this year than those who are not confident (36%).

The proportions of people who said their finances had improved/remained stable or worsened since May 2023 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, said: “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.”

During 2023, HSBC UK’s financial wellbeing team held webinars that were attended by more than 50,000 people. The webinars were open to customers and non-customers.

YouGov surveyed more than 2,100 people across the UK for HSBC UK in November 2023.



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