Financial Wellbeing survey - the results

2,715 Members completed the Autumn 2024 survey - a big thank you to everyone who took part! 

What does the term 'financial wellbeing' mean to you?

'Financial wellbeing' is generally understood to mean being 'financially comfortable' and 'feeling secure'. Some of our Members defined it as:

“Having enough money to pay the bills”

“Not having to worry about my future”

"The ability to have savings" 

The October 2024 Budget

Respondents voiced strong concerns about the October 2024 Budget, with 94% highlighting negative impacts such as National Insurance hikes, Inheritance Tax changes, and insufficient cost-of-living support.

Additionally, 63% doubted increased NHS funding would bring meaningful improvements.

Overall, 58% saw no benefits, while only 13% noted positives like infrastructure investment and Winter Fuel Allowance reforms. The findings reveal broad scepticism about the government's ability to tackle key economic and social issues.

Some comments include: 

“Increased costs for businesses will probably lead to higher prices for consumers”

“IHT changes, particularly to farmers who have little liquid assets is cruel”

“Constantly funding the NHS is a waste of our money!”

What are the biggest threats to your financial wellbeing?

The biggest threat to respondents' financial wellbeing was still cost-of-living, with worldwide political instability, investment returns and further change to the Bank of England interest rates factors too (as seen in the illustrated graph to the right).

Your thoughts on housing and the economy

Since our Spring 2024 survey, your confidence in economic growth has decreased by 13%, with a 42% increase in those who believed the UK economy would slow down.

The majority of you thought that house prices will either stay the same or increase over the next six months.

How can lenders reach Net Zero?

It was great to hear your thoughts on what lenders should do to support Net Zero goals. The most popular suggestions were implementing green incentives (49%), reducing energy usage (48%), and switching to renewable energy (46%). Interestingly, the number of Members who felt lenders shouldn’t take action rose slightly to 14%. Views have remained largely unchanged since our April 2024 survey.

How can the Government get more people in to home ownership?

The majority of Members wanted Brownfield sites to be developed first (57%), closely followed by abolishing Stamp Duty for downsizers (56%) and providing incentives for the conversion of unused office space to residential use (50%).

Your feedback really helps