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

Why the personal advice touch will thrive amid generational digital disruption

Why the personal advice touch will thrive amid generational digital disruption

Growing appetite for protection amongst younger people

Roger Brosch
clock 07 February 2025 • 4 min read
Financial planning shifts from 'sales-based to experience-based' industry

Financial planning shifts from 'sales-based to experience-based' industry

Sector shifts towards inclusivity and client experience

Sahar Nazir
clock 07 February 2025 • 2 min read
FCA: 'We need to deliver policy quickly' to tackle advice gap

FCA: 'We need to deliver policy quickly' to tackle advice gap

Sara Woodroffe stressed the need for swift action amid advice/guidance boundary review

Sahar Nazir
clock 07 February 2025 • 2 min read