Less than a third feel able to talk to their bank about money when something big happens in their life.

Research carried out by private and commercial bank Arbuthnot Latham reveals that financial security does not necessarily equal financial wellbeing.

Members of the UK’s more affluent population reveal their main concerns. The Financial Wellbeing Report examines worries about the economy and its impact on their financial security, while highlighting how many people would benefit from financial advice but are simply not getting what they need.

The survey found that 87 per cent of respondents worry about the economy while 81 per cent say they regularly feel stressed or worried about money. These findings underline the fact that financial anxieties can and do affect those whose wealth many would assume would buy financial peace of mind, the firm said in a statement.

The reasons behind these financial concerns are numerous and varied. For example, over half of the people surveyed are concerned about how they'll maintain their lifestyles in later life. Nearly four in 10 are worried about preserving the value of their investments in the current climate. A quarter are also thinking about how to provide for their children and grandchildren, the firm added.

Despite these financial anxieties, less than a third of respondents felt they could talk to their bank about money when something big happens in their life. There is also a kneejerk response to cut back on spending. Nearly half said that they are considering spending less on entertainment such as going out or taking holidays, while others are thinking about buying fewer luxury items or giving less to charity, the survey reveals. But without the right professional help, the nation is unlikely to reach its financial wellbeing goals.

“Our research reveals that even for people who would typically be regarded as having more affluent wealth profiles, financial peace of mind is about more than just your bank balance,” Kevin Barrett, managing director, private and commercial banking, said.

“The incredible technological advances of the past decade have created a self-service economy, and this has brought a level of convenience unlike anything we have ever known. But this data really brings home the continued importance of human scale and the value of professional advice from someone who has taken the time to truly understand your needs.”

Arbuthnot Latham partnered with Atomik Research, an independent market research agency, to survey more than 500 UK residents with a net worth of at least £100,000 ($126, 000), which took place between 30 November and 5 December 2023. Sixty per cent of respondents have a net worth (excluding property assets) of between £100,000 and £499,000, and 40 per cent have at least £500,000.

Arbuthnot Latham – a London-based private and commercial bank – also specialises in wealth management and specialist commercial lending including asset-based lending, asset finance, and leases. With regional offices in Manchester, Bristol and Exeter, Arbuthnot Latham Limited is owned by Arbuthnot Banking Group.

UK wealth manager Brown Shipley, a Quintet Private Bank, has also released a survey about the attitudes of wealthy Britons. In its case, it showed that younger generations of wealthy individuals aim to retire earlier than older generations and have less desire to pass on wealth. See more commentary here.