YouGov 2020 Connect - Financial Wellbeing Weather Report - From The WoWW! Business

2020 - CONNECT Financial Wellbeing Weather Report

Wellbeing Benchmarks & Wellbeing Weather Reports from The WoWW! Business

The NETT (UK) CONNECTING with Financial Wellbeing Weather Report

2020 Net Promoter Score = -77

36%

21% 16% 10% 7% 1%

4%

4%

1%

1%

The NETT (UK) CONNECTING with Financial Wellbeing Weather Report

Highlights 43%

of people are in greyscale with their financial wellbeing

36%

of people are in the stress zone with their financial wellbeing

43%

of people are in the susceptible zone with their financial wellbeing

22%

of people are in the smile zone and connect well with their financial wellbeing

21%

of people have scored themselves at -5 and will not talk to anyone about their financial wellbeing. That’s 1 in 5 people

Weather themes 19.30%

of respondents used language patterns associated with 'deep stress' - 1 in 5 people are expressing deep stress around money

5.20%

of respondents expressed in their language that they connected regularly with a financial adviser - only 1 in 20 people

23.20%

of respondents used language patterns associated with a 'growth' mindset - nearly 1 in 4 people are positive on money

The NETT (UK) CONNECTING with Financial Wellbeing - Stress Weather Theme

Bills

19.30% of respondents used language patterns associated with 'deep stress' – that’s 1 in 5 people are expressing deep stress around money and really need help.

The words we analysed weakness, weaknesses, frustrated, anxiety, scary, scared, vent, anxious, futile, lonely, shy, bullies, burden, judged, judgmental, risk, ashamed, embarrassed, depressed, depression, worry, worried, argue, argument, arguments, pain, painful, private, friction, stress, stressful, stressed, bills, alone, overdraft, credit, cards, poor, help, problem, problems, mine, jealous, jealousy, envy, envious, shame, fear

Credit

Alone

Problems

Judged

Judge

Worry

“I get embarrassed talking about money, it feels very private to me”

“I don’t like to talk about money with anyone”

“I don't like anyone knowing my finances”

The NETT (UK) CONNECTING with Financial Wellbeing - Professional Advice Weather Theme Adviser

5.20% of respondents expressed in their language that they connected regularly with a financial adviser - 1 in 20 people. This corresponds with other data about access to financial advice and the ‘advivegap’ within the UK market.

The words we analysed professional, advice, adviser, ifa, advisor, job

Job

Professional

Advice

Ifa

Advisor

“My company has a team of finance people who look after the needs of employees”

“I have a financial advisor to discuss money with. My late husband arranged it so I had an independent person to talk to”

“I have a financial advisor, with whose help I hope to retire at 60”

The NETT (UK) CONNECTING with Financial Wellbeing - Growth Mindset Weather Theme Planner

23.20% of respondents used language patterns associated with a 'growth' mindset - nearly 1 in 4 people are positive on connecting with money.

Growth Open

Sharing

Freely Together

The words we analysed planner, plan, professional, planning, wealth, growth, accumulate, accumulated, opportunity, positive, manage, knowledge, freely, open, openly, together, sharing, ideas, happy, comfortable, encourage, confidence, confidently, savvy

Ideas Savvy

“My wife and I actively manage our finances jointly and I discuss financial matters with my children and friends”

“I'm very organised when it comes to my finances and discuss it regularly with my wife. Me and my friends will also share information on good financial products or opinions on saving vs spending etc”

Conclusions of the Financial Wellbeing Weather Report In a statistically relevant survey, 79% of UK adults would sit within the zones of stress or susceptibility, meaning that 4 out of 5 people are at risk when it comes to how connected they feel on the subject of their finances. Trusted relationships and connections are the foundations of wellbeing and this dire lack of connection in the area of financial planning is of great concern.

The positives to take from this cohort of 79%, is that 36% are at the higher end of the susceptible zone and with some active encouragement and support can graduate into the smile zone - room for hope. It does indicate however that the nation is on a knife edge, no doubt created by the uncertainty around COVID-19.

The bad news is clearly the 36% in the stress zone - 1 in 3 people who are not talking or connecting well with their financial wellbeing. If we take this statistic with the 19.30% of respondents using language patterns to express deep stress, then this is a frightening set of results as 1 in 3 people are suffering in silence and 1 in 5 people are deeply distressed.

The good news is that 23.20% of respondents used positive 'growth' related language, which corresponds with the 21% in the 'Smile' zone, in so much that 1 in 5 people are able to view their financial wellbeing in a positive way. The net-promoter score within this cohort is 28 points better than those who expressed language of a deeply stressful nature. Looking again at the language patterns, 5.2% of respondents used language to indicate they connected with a financial adviser - this is a low number, but we believe where the future of financial wellbeing lies. It's such a vital issue and is one that is best addressed at an industry level by the financial advice professionals, but with only 1 in 20 having access to this vital service, there is clearly a lot of work to do.

Created by