Majority of women concerned their standard of living will fall over 2023 and beyond

A majority (57%) of UK women are worried that their standard of living will fall over the next 12 months, reveals independent research conducted on behalf of Handelsbanken Wealth & Asset Management.

Men are slightly less concerned, with just over half (51%) worried their standard of living will decrease.

The research revealed that energy prices top the general population’s concerns in terms of the impact on their personal finances and their standard of living.

Women are generally more concerned with the impact of macroeconomic factors such as inflation, while men are more worried about issues such as stock market volatility and Capital Gains Tax.

However, men are overall more concerned than women when it comes to personal life factors, such as family disputes and illnesses impacting their finances.

Nearly a quarter of men (23%) are worried about the financial impact of divorce, versus 14% of women, for instance.

The study also found that the average person in the UK spends nearly seven hours a month reviewing their financial commitments, with general household costs and bank accounts taking up the most time – 56 minutes and 50 minutes respectively.

Unsurprisingly, nearly two thirds of people (61%) see this time increasing over 2023.

Men are revealed to typically spend 1 hour 47 minutes longer than women reviewing their financial commitments every month.

When it comes to pensions and investments, women spend 45% less time reviewing them.

“With so many potential worries on the table and only so much time in the day, it can be hard to know where to focus efforts when it comes to financial plans”, said Lydia King, head of wealth planning at Handelsbanken Wealth & Asset Management.

“It’s important to plan for a range of scenarios, without allowing short-term influences – such as high inflation – to become an obstacle to building robust, long-term financial plans. Getting the right advice from a wealth planner can allow you to home in on the issues that matter, whilst efficiently taking economic growth projections to expected personal spending habits into account.

“We encourage women in particular to seek advice and become more involved in their finances, especially given their high levels of concern. Dishearteningly, our study found lower levels of financial literacy and confidence among women when it comes to financial planning, meaning they often stay away from key financial planning discussions.”