How do people really feel about money?
For us to be able to truly tackle the issue of financial wellbeing and to challenge the relationship people have with their finances we knew we needed to understand how people across the UK really feel about their money. To explore this, we commissioned the first-ever measurement of the state of the nation’s relationship with money. We worked with YouGov to interview 4,000 adults from across the UK. This research resulted in the creation of our very own Money Wellness Index which we are using to inform how we can help to deliver money wellness for our customers.
We plan to update the index annually giving us a regular opportunity to understand how both our customers and the nation are feeling about money so we can ensure that we are best positioned to support financial wellbeing both now and in the future.
Based on the survey data, almost half of UK adults aged 18-55 (49%) admit they would feel better if they realised others felt the same way as they did. So, as we use the Index to better understand how people are feeling about money, our Money Wellness Revolution campaign begins to highlight and normalise the issue of financial wellbeing as the first step in all of us being able to 'Money Well'. We hope by sharing our own and other people’s stories, we can begin to challenge the beliefs that hold us back and get people to question the impact their own relationship with money has on their wellbeing.
We ultimately want to go further, by also helping to create solutions to the challenges that impact our financial wellbeing. As part of this, we will be looking at our products and services.
Highlights from the Jan 2020 report
The nation’s current mean money wellness score is 47 out of 100 which shows a slight underlying sense of negativity and uncertainty when it comes to how we feel about money. Positively, people are recognising that how they feel about money is critical to their overall wellbeing, however, many still focus more on other areas of personal wellbeing rather than financial wellbeing. Financial wellness remains generally unaddressed by the wellness industry, which is set to top £21 billion in 2020.
- 38% of us feel stressed out when we think about money
- brits are significantly more likely to prioritise mindfulness and meditation for their overall wellbeing than they are to take action on their financial wellbeing
- worrying about money is a widespread issue – crossing all age groups, life stages, demographics and income brackets. Social media is making us feel worse about our money, which is even more prevalent among younger people (up to 45% of 18-34 year olds)
- 2 in 5 (40%) Brits admitted that they would feel better if they realised others felt the same way as they did
- overall, first direct customers report less stress or anxiety about money than customers at most other major UK banks, but regardless, very few people are likely to turn to their bank with financial worries (just 1 in 8).
Read the full report: Money Wellness Index - Jan 2020 >
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