Oct
2024
Financial Anxiety Soars Among London’s Wealthy: 88% Report Stress Over Finances
DIY Investor
14 October 2024
A recent survey by Arbuthnot Latham recent survey, exploring the financial wellbeing of the UK’s wealthy, has uncovered that the country is highly divided when it comes to financial matters; while some regions are willing to move countries for a better way of life, others feel far less finance– related stress.
This piece explores which areas in the UK, Britain’s wealthiest are experiencing the most financial stress and examine the main concerns that are fueling this anxiety.
Financial Anxiety Soars Among London’s Wealthy: 88% Report Stress Over Finances
Arbuthnot Latham’s study revealed that London is the region most crippled by financial stress with 88% of London’s wealthy responding that they feel stressed and worried about their finances. Of these, 20% worry about their financial wellbeing constantly and nearly a further 20% admit the same concerns most of the time.
Respondents in the East of England, North and Southwest of England followed closely behind London with over 80% of respondents in each of these regions admitting persistent fear about the health of their finances.
Region |
Percentage of Affirmative Responses to the Question ‘Do You Stress or Worry About Your Finances?’ |
London |
88% |
East/East Anglia |
85% |
Southwest |
83% |
Northeast |
83% |
The table above shows the regions in the UK where the UK’s Wealth admit to suffering the most financial stress and/or worry based on the results of an independent survey of more than 500 UK residents with a net worth of at least £100,000.
But what are the stressors impacting the UK’s wealthiest and do these vary regionally?
The Top Three Financial Concerns of the UK’s Most Affluent
Arbuthnot Latham’s study uncovered that the majority of the UK’s affluent who are most concerned about their finances share three key concerns: Maintaining their lifestyle later in life, the value of their investments and the tax burden of living in the UK.
Financial Wellbeing Concern |
% of Respondents London |
% of Respondents East/East Anglia |
% of Respondents Southwest |
% of Respondents Northeast |
Maintaining Lifestyle |
53% |
70% |
41% |
30% |
Value of Investments |
44% |
55% |
45% |
39% |
Tax burden |
36% |
21% |
21% |
35% |
The table above shows the top three financial concerns of the UK’s most affluent across the regions that admitted to being the most stressed about their finances based on the results of an independent survey of more than 500 UK residents with a net worth of at least £100,000.
While not amongst the top three concerns expressed cross-regionally, providing for future generations also ranked high on the list of financial stressors for the UK’s most affluent in London (31%) and the East/East Anglia (33%).
Revealed: How the UK’s Wealthiest Plan to Alleviate Financial Concerns
Arbuthnot Latham’s survey revealed that across all regions where the UK’s wealthiest are the most stressed about their finances, most respondents would consider giving up luxury goods to alleviate their financial concerns.
Those surveyed across London (40%), the Southwest (48%) and East/East Anglia (42%) would consider giving up evenings out as well. Purchasing a lower cost car or replacing a high cost one also ranked highly for the UK’s wealthiest in London (40%), the Northeast (39%) and Southwest (38%).
Surprisingly over 50% of the UK’s wealthiest would also consider moving abroad to address their financial stressors. In both London and the East/East Anglia – where the most financially stressed of the UK’s affluent are based – an improved standard of living was the key driver for doing so.
Financial Stress Lowest Amongst Affluent in Northern Ireland: 50% Report No Financial Worries
The study revealed Northern Ireland’s wealthiest individuals as the least stressed about their finances with 50% of Northern Irish respondents stating they rarely experience financial stress. Welsh residents followed closely behind with over a quarter confirming that they never worry about their finances.
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