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Financial News: UK Households' View On Future Finances Weakest Since

UK Households' View On Future Finances Weakest Since 2009

10/26/2022 - 09:03:00 (RTTNews)

(RTTNews) - UK households' perception towards future finances hit the lowest since 2009 and the majority of families are still planning for the financial wellbeing of the next generation despite the cost of living crisis, the latest survey from the Scottish Widows showed on Wednesday.

The latest Scottish Widows Future Finance Index came in at 27.5 in the third quarter versus 32.4 in the second quarter. The latest figure was the lowest in the near 14-year history of the series.

About 77 percent of British households are still planning for the financial wellbeing of other generations in their families despite a period of financial and economic uncertainty.

The survey showed that current financial challenges and the sustained hike in living costs are impacting long-term financial plans.

Around 10 percent of households save more into their pensions to strengthen their future finances and 11 percent of respondents delayed their retirement plans due to current financial challenges.

Despite the current financial challenges, it is important that, where possible, households continue to plan beyond the here and now, and to strengthen their finances for the long-term to ensure financial security and stability for when they choose to retire, said Emma Watkins, managing director - retirement, Scottish Widows said.

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