Adding to this, 23% of people in the South West also admit to feeling stressed when it comes to their money.
Simon Caddick, Savings Director at Lloyds comments: “For many adults, financial anxiety isn’t just about how much they earn or spend – it's also influenced by a gap in financial knowledge. And the lack of confidence this creates can significantly impact our emotional wellbeing.
"Our money habits shape so much of our wider sense of security and happiness. By helping people to adopt healthier financial practices, like budgeting and saving, we can not only improve their financial outlook and money confidence but also reduce the stress that comes with uncertainty."
A wealth of knowledge
The research also found a strong correlation between how we feel about our financial situation and the money habits we were taught when we were younger – uncovering the importance of passing down financial knowledge.
It highlights that over a third (36%) of adults who weren’t taught good money habits as a child now feel anxious about their finances. Whereas those who were, are twice as likely to feel confident with money (28% vs 14%).
For the South West, only 32% of adults were taught good money habits when they were growing up.
“With a relatively low rate of financial education when growing up, many in the South West are inevitably facing a level of money anxiety as adults,” adds Simon. “We need to address this knowledge gap, to help those in the region – and around the UK – to build money confidence and thrive financially.
“When we feel secure with our financial decisions, we naturally make more informed choices. Learning about everyday purchases to long-term investments, for example, can empower us to pursue our goals without fear of financial setbacks.”
Too many rainy days to save
The research also highlights some of the financial hurdles facing people in the South West. For example, when it comes to smart ways to save, 42% of those in the region [i] revealed they don’t currently have an ISA account – meaning they could be missing out on the tax benefits and potential advantageous interest rates this can offer. When asked why, 56% didn’t feel they had sufficient funds to do so, and 14% felt it would be too complicated.
“We understand that saving money can sometimes feel like an uphill battle,” continues Simon. “That’s why we’re committed to providing clear guidance and practical tools to help everyone take small, manageable steps towards building a secure financial future. It’s never too late to start, and even the smallest changes can make a big difference over time.”
Lloyds has a range of tools available on its banking app to help with money management. From day-to-day budgeting to planning for the future, Lloyds has information, tips and tools to support financial decisions at any stage of life. Lloyds also offers a range of free learning sessions and tools, open to all, through the Lloyds Academy.
Find out more about ISAs: https://www.lloydsbank.com/isas.html
[i] who have heard of at least one ISA account type.