The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018
Savings and Investments
Mortgages and Protection
In the latest survey, fewer respondents had reviewed the performance or cost of their investments or savings in the past 12 months compared with 2010. Of those, 23% chose to review these themselves rather than using the services of a financial adviser (just 9%).
Interestingly since 2010, there has been a 40% increase in the amount of people that annually reviewed their life and health insurance policies, with a view to saving money.
of respondents chose to review their investments themselves rather than using the services of a financial adviser
Startlingly, in the context of an uncertain political climate and volatile markets, 49% of respondents had not reviewed their portfolios in any way. 41% of respondents were aware of tax efficient savings and investments, a 28% increase on 2010. Despite the rise in awareness, a huge 59% of those asked were not aware of the options available to them, reflecting the general lack of engagement between consumers and their finances. Consumers need to be made aware of what is on offer, how it can benefit them and how they can access the best solutions for their individual circumstances.
59% of people have made no attempt to review the performance of their savings and investments over the last year showing a lack of engagement from respondents.
increase in the amount of people that annually reviewed their life and health insurance policies
This attitude extends to mortgages with a significant rise from 39% to 66% in those who are aware of how their mortgage rates compare to the best in the market. This could be a reflection of stricter affordability criteria and more detailed application processes combined with competition amongst providers meaning people are looking at this more closely.
rise from 39% in those who are aware of how their mortgage rates compare to the best in the market.
In contrast, 40% more people have reviewed their life and health insurance policies, reiterating the short-term attitude we have seen elsewhere with respondents looking for quick wins rather than looking at the bigger picture.
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Consumer Attitudes Towards Financial Planning and Themes for 2018.