Concern was highest among those in their 30s (55 per cent), dropping to 38 per cent of over 50s – probably due to their accumulated savings. Despite recent declines, energy prices still top people’s biggest concerns on the factors threatening their living standard, along with the cost-of-living crisis and high prices caused by inflation, the research reveals.

The study was conducted by research company Opinium among a nationally representative sample of 4,000 UK adults between 12 and 17 January 2024. Respondents were chosen on a nationally representative basis, weighted evenly by gender, age, region and value of financial assets. Of the overall sample, 1,765 (44 per cent) were male and 2,216 (55 per cent) were female, while 733 (18 per cent) had a net worth of more than £100,000 ($125,000).

External risks worry women more
The study shows that women are more concerned than men about most external risks to their finances, including inflation, rising interest rates and a recession. However, men worry more about geopolitical instability and stock market volatility, with the latter perhaps due to being more inclined to invest.

Divided on death and divorce
Men are meanwhile more concerned about losing wealth through divorce, whereas women are more likely to fear the financial impact of their partner or spouse dying, the research reveals.

Time invested
The study showed that these concerns are changing how much time is spent reviewing finances each month. On average, consumers spend over six hours a month on their finances, with groceries and other household costs taking up the most time, followed by bank account management, and paying for holidays. Wealthier people with assets over £100,000 spend longer keeping their financial house in order, averaging eight hours a month. Men, meanwhile, typically spend around 20 per cent longer than women.

A tougher financial climate means that respondents expect to spend more time managing finances overall, largely in response to dealing with rising costs, stubborn inflation and the need to save more money.

When it comes to those who want to decrease their time investment, nearly a third said they plan to reduce the time spent looking at their financial affairs as it makes them feel too anxious. This may go some way towards explaining the fact that a significant proportion of people don’t currently spend any time at all reviewing commitments such as their pensions, insurance or investments.