"The green shoots of growth are there, but there is still work to be done to ensure everyone in our society can feel financially confident."
- David Hynam, CEO of LV=
Of those surveyed (4,000), 59% of adults said they were financially ‘comfortable’, with 22% of those aged 18-34 expecting their finances to improve in the next three months despite remaining in a more precarious financial position than Gen X & Boomers.
Notably, Gen Z was found to be twice as likely to miss credit card payments and loans compared to the nation (8% vs 4%), as well as mortgage or rent payments (8% vs 3%), and utility bills (8% vs 5%). Meanwhile, Millennials were twice as likely to have received a final demand letter (6% vs 3%) and were the most likely group to have used a pawn broker in the last three months (5% vs 2%).
Overall, 26% of adults have seen an increase in cost of living but insist they haven’t been negatively impacted by this expense, rising to 48% among those aged 78 or above. Compared to the current workforce, retirees said they felt more financially ‘comfortable’, with over a third (37%) efficiently paying off their credit card or loans debt.
David Hynam, CEO of LV=, said the latest data shows a slight rise in sentiment as inflation has slowed; “Millennials & Gen Z are more negatively impacted and are more likely to need financial support.” He highlighted that the LV Wellness Tracker has risen slightly, “showing that positive sentiment doesn’t always match financial situations.”
“While a fifth of 18–34-year-olds expect to see their finances improve in the next three months, some young people are experiencing high levels of unsecured debt,” David explained However, he still believes the green shoots of growth are there, “but there is still work to be done to ensure everyone in our society can feel financially confident.”
