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...

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: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read
CISI welcomes 76 Certified financial planners

CISI welcomes 76 Certified financial planners

Number of UK CFP professionals continues to rise

Sophia Panayi
clock 24 March 2026 • 1 min read
'Nobody is big enough not to be bought'

'Nobody is big enough not to be bought'

Roderic Rennison on the future of deals in the advice industry

Isabel Baxter
clock 20 March 2026 • 1 min read