Brits are “worryingly exposed” to financial shocks, a report from Schroders Personal Wealth has found.
A survey asked 2,000 UK adults how they feel about their financial situation.
This was then rated in four main areas: getting the basics right; managing borrowing; protecting against the unexpected; and planning for the future.
The surveyed Britons scored only 3 out of 25 when it came to protection against the unexpected, and for planning for the future the rating was only slightly higher, at just 5 out of 25.
Brits feel on top of their finances, however, when it comes to everyday spending and managing their debt, with scores of 20 and 24 respectively in these areas.
Schroders Personal Wealth head of advice strategy Claire Walsh says: “It’s clear to see there is a conflict between how people feel about their money matters and the true state of their finances.
“Whilst it’s encouraging to see that the majority of UK consumers are confident when it comes to getting the basics right and managing their borrowing, it’s concerning that they aren’t doing enough to protect against the unexpected and plan for the future.
“Individuals are leaving themselves exposed to financial shocks. A lack of planning means people might think they are on track with their finances and that they don’t need to do or change anything until it’s too late.”
London is the region where the most people worry about their finances, according to the report, with some 55 per cent Londoners admitting they feel stressed or overwhelmed by their financial situation – higher than the national average of 48 per cent.
People in the East Midlands were the most likely to seek help from a financial adviser, with 21 per cent saying they would get in touch about their money worries. The South East, North East and those in Northern Ireland were the least likely to get in touch, at 12 per cent.
