SJP surveyed 8,000 individuals in what it described as its “largest consumer survey into the when, what and how of accessing financial advice, and the impact it can have on people’s lives and personal wellbeing.”

The first chapter explores levels of uncertainty across the nation and the impact of these feelings on financial behaviour.

The research found that 49 per cent of UK adults feel more uncertain about their future than they did two years ago – with one in four feeling much more uncertain, and only 18 per cent feeling more certain. This unease is driven mostly by the cost of living and inflation (76 per cent), global events such as the war in Ukraine and conflict in the Middle East (57 per cent), and concerns about economic stability (56 per cent). Almost half (48 per cent) feel uncertain due to the political climate, while 45 per cent worry about government support for pensions, welfare and long-term care.

The growing uncertainty is having consequences on financial behaviour, with 72 per cent of those feeling less certain taking financial action, including:

Cutting back –  two in five have reduced non-essential spending.

Drawing down – one in five have dipped into savings and 12 per cent have taken on debt or credit to cover expenses.

A quarter have also increased their savings or investments, with 20 per cent boosting their savings pots or emergency funds and 6 per cent making additional investments, the survey shows.

Meanwhile, one in 10 have delayed or cancelled making a major decision, such as buying a home or changing jobs, while 13 per cent have avoided financial decisions altogether.

“Periods of uncertainty, especially when major or unexpected events happen, are unsettling. Seeing the immediate impact on finances, feeling unsure of how your money will recover or be affected in the medium and long term, and facing decisions on whether to take action or not, can feel overwhelming,” Mark FitzPatrick, CEO of St James’s Place, said. “In these moments, professional advice can be invaluable.”

The findings also show a gap between those who receive advice and those who do not. Half of those who take regular professional advice are optimistic about the remainder of 2025 compared with 34 per cent who do not receive advice. Additionally, one in three people receiving regular professional advice feel more certain about the future than they did two years ago compared with 13 per cent who don’t take advice.

SJP is calling for action to close the advice gap and to allow greater financial education to help people cope with uncertainty:

-- Closing the advice gap through a new pipeline of support to help people with financial decision-making. This includes guidance, life-stage-relevant financial education, targeted support, simplified advice, and ultimately holistic financial planning. Consumers must be able to move seamlessly between these forms of support when needed.

-- Ensuring that proposals for targeted support are successful. Crucially, high-quality consumer testing will be vital for ensuring that consumers recognise that with targeted support, unlike personalised advice, responsibility lies with them. Consumers must understand this distinction, as well as the nature of the decision they are making.

-- The Financial Ombudsman Service must be fully aligned on the limitations and responsibilities of both targeted support and simplified advice, to ensure that they are viable for firms to offer.

-- Better financial education. Greater knowledge leads to better financial decisions. Ensuring that young people are empowered to make informed financial decisions is not only a fundamental part of building a more financially resilient society, but also part of the long-term answer to the advice gap. We continue to support calls for financial education to be included in the core curriculum for schools and are dedicated to equipping the next generation with the knowledge and skills to navigate their financial future confidently.