A rising feeling of uncertainty is driving people to rethink their finances and future, according to new research from Standard Life.
More than eight in ten (83%) adults say the world feels more uncertain than it did a few years ago and 59% say ongoing change in the UK over recent years has made them feel less certain about their future finances, while 57% feel global developments have added to that unease.
Standard Life’s Retirement Voice report found almost all UK adults (94%) are at least somewhat worried about inflation and rising prices and 91% cite concerns around energy costs.
Meanwhile, 83% expressed worry about potential tax rises, while concerns also remain around interest rate increases (68%) and trade tariffs (65%).
As a result of the growing uncertainty, a large number of people are being driven to make big financial decisions, Standard Life said. Nearly a quarter (23%) say they are more likely to put money into cash savings rather than investments, while 19% are considering delaying their retirement. Among those aged 55-65, one in ten (11%) say they are more likely to take money out of their pension as a result.
More positively, nearly half (48%) of those surveyed also expect to build up additional savings and 18% are considering seeking financial advice.
Mike Ambery, retirement savings director at Standard Life, said: “Many people are using this moment to pause, reassess and take steps that give them a greater sense of control. Whether that’s building up savings, revisiting their retirement plans or simply checking in on where they stand, these small actions can make a meaningful difference over the long term.
“Uncertainty doesn’t mean standing still. If anything, it highlights the importance of understanding your options and making decisions that work for your circumstances. Taking time to seek advice or guidance, review your pension or think about what you want your future to look like can help people feel more prepared and better equipped for whatever comes next.”
