'Park your own beliefs about money': Adviser tips on helping clients deal with the recession

Recession confirmed today

Sophie King
clock • 2 min read

The Money Panel founder Catherine Morgan said advisers should “park their own beliefs” about money when handling clients during a recession, following the news this morning that the UK is now in "its largest recession on record".

This morning (12 August), the Office for National Statistics (ONS) confirmed the UK is in a recession, as GDP figures showed a record 20.4% contraction in Q2. The data followed a more modest decline of 2.2% in Q1, leaving the UK economy more than a fifth - 22.1% - smaller than it was at the end of 2019. Morgan said it is important to understand the client's own behaviours and to be self-aware when giving them advice. She said advisers should understand their clients will have their own beliefs about money which will affect how they respond to a drop in the market, for example. "One of...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers urged to remain 'alert' as LPA financial misconduct complaints rise

Advisers urged to remain 'alert' as LPA financial misconduct complaints rise

Alleged LPA financial misconduct complaints rose to almost 12,000

Sophia Panayi
clock 12 October 2026 • 3 min read
News editor's view: Taxing questions for advisers

News editor's view: Taxing questions for advisers

The news editor's Friday Night Takeaway from 9 October

Isabel Baxter
clock 09 October 2026 • 2 min read
Why the new chancellor must rebalance growth and consumer protection

Why the new chancellor must rebalance growth and consumer protection

'Healy should re-empower the FCA to unleash the full potential of Consumer Duty'

James Daley
clock 09 October 2026 • 3 min read