Monument, the challenger bank for the mass affluent, has released data that highlights people’s financial concerns and capabilities as they navigate a period of upheaval.
According to the survey, more than one-fifth (21%) of the mass affluent are unsure about their inheritance plans.
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Opinium research was done between 13 September, August 2024, and 20 September 2024, with 1,000 UK people who have more than £100,000 ($126,333) in financial assets minus their primary residence and pension.
Monument is the first challenger bank in the UK to address the unmet needs of mass affluent clients – approximately 11 million professionals, entrepreneurs, and others – who want a bank to help them save and grow their wealth (estimated at around £6trn in the UK and £80trn globally).
The Bank acquired its full banking licence in November 2021 and will debut its app and initial suite of savings products to the market in early 2022.
Out of all age groups, 34-54-year-olds had the least trust in their finances, with 27% reporting a lack of confidence in their retirement plans, 21% in investments, 18% in insurance, and 16% in savings accounts (16%).
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By GlobalDataBoth their younger and older acquaintances are substantially less concerned about their personal finances. Only 13% of people aged 18 to 34 are unsure about their retirement plans, 12% about their investments, and 10% about their savings.
Tax preparation was indicated by nearly a quarter of mass affluents (23%) when asked which aspect of their money they are least confident handling on their own without expert assistance.
Additionally, 22% of respondents say they are unsure of their ability to handle inheritance planning on their own, indicating the need for additional assistance in this area. Other categories like investments (17%) and retirement preparation (17%) are also at the top.
Ian Rand, chief executive of Monument stated: “Our research clearly shows that the mass affluent are feeling a lack of confidence in various areas of their finances, which is further compounded by a lack of confidence in being able to manage these areas without the help of professional advice.
“This group is feeling a rising pressure on their finances and the recent Budget will have only added further complexities. However, this also presents an opportunity – now more than ever, it’s crucial to proactively engage with your finances.”
