Financial confidence is growing among UK workers, with 69 per cent now feeling financially resilient even though nearly half still lack key protection products, according to LV=.
LV=’s latest Reaching Resilience report shows that over two-thirds of workers or 69 per cent now feel financially resilient, up from 65 per cent last year. Nearly one in five describe themselves as very resilient, marking a 4 per cent increase over the past year.
The report highlights how vital financial protection is in building resilience, with around half of workers surveyed saying the right insurance would boost their sense of security.
According to the research, parents of young children are some of the most financially optimistic with 77 per cent feeling financially secure, up significantly from 63 per cent in 2022. Additionally, nearly 80 per cent say they feel more resilient than just a year ago.
But the report also reveals a gap in protection with nearly half of workers lacking a financial safety net. This is despite widespread recognition of the value that products like income protection or critical illness cover can safeguard financial stability.
Meanwhile, half of respondents said they’d feel more secure with insurance to cover monthly outgoings if they became ill or injured. Others said a lump-sum payout for serious illness or death would also help them feel more financially stable.
The findings highlight the need for protection products even as financial confidence rises which ensures workers have the right cover to retain long-term resilience.
LV= sales and marketing director Mike Farrell says: “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.”
