Workers across the country are feeling more confident about their financial wellbeing, according the research from LV=.
The main findings from LV’s third Reaching Resilience report show a significant uptick in financial confidence for UK workers. 69% of workers surveyed say they feel financially resilient, up from 65% in 2023.
In addition, around half of respondents reported that the right protection would further enhance their sense of resilience.
Meanwhile, 18% of workers now consider themselves to be very financially resilient, a 4% increase in the past 12 months.
The report, which examines financial attitudes across diverse groups, also shows improving trends among parents of young children. 77% of this group reportedly feel secure, up from 63% in 2022, and 79% reported that they feel more resilient than a year ago.
LV=- said that these positive findings indicate a shift in outlook as people continue to successfully navigate external pressures, such as the cost of living crisis and ever-evolving economic conditions.
Despite rising confidence, gaps in financial protection remain. 48% said they lack any form of protection cover. Yet, LV’s research shows that a significant portion would feel more secure with an income protection or critical illness product in place.
Half of workers surveyed said they would feel more resilient with insurance that covers monthly outgoings during illness and injury, and a similar number believe a lump-sum payout for serious illness or death would boost their financial confidence.
Mike Farrell, protection sales and marketing director for LV=, said: “This is a significant moment, and with increasing optimism, people are rethinking their financial priorities.
“Our research has revealed this as an ideal time for advisers to have meaningful conversations with their clients about the importance of protection. Whilst it’s encouraging to see financial confidence on the rise, our findings show that the right protection could further strengthen this sense of security.
“LV= is here to help advisers support clients in building financial resilience with tailored solutions offered as part of the LV= Flexible Protection Plan.”
