Clients tap into savings as cost-of-living crisis bites at all levels

Cost of living and pandemic prompts clients to take out more money

Sahar Nazir
clock • 1 min read

Nearly half (46%) of advisers report their clients taking out more money to pay bills and meet immediate income shortfall requirements.

This is according to a study of 100 advisers conducted by Standard Life in February 2023, which looked into the behaviours of their clients in the past two years. The research highlighted changes in client behaviours due to the pandemic and rising inflation. As the Covid-19 pandemic continues to impact the UK economy, coupled with the rising cost of living, clients the report said clients turning to their advisers for more assistance in navigating their financial stability. Recognising the need for an accessible savings pot, 36% of advisers have noticed clients taking more money ou...

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