Majority of IFAs’ clients concerned ahead of first Labour Budget
A majority of clients working with independent financial advisers (IFAs) are anxious about the upcoming Budget, according to a new survey from strategic insights leader, Opinium.
The findings reveal 87% of clients are concerned about the potential announcements, with nearly half (47%) expressing significant unease. Speculation surrounding the first Labour Budget has created widespread uncertainty, prompting many to seek clarity on possible changes to their financial future.
Clients’ top concerns include the possible scrapping of the 25pc tax-free lump sum accessible at the age of 55 (70%), changes to capital gains tax rates (44%) or inheritance tax (47%), and potential pension reforms (54%). The anxiety surrounding these areas has led to an increase in requests for advice (50%), as individuals seek reassurance on how to prepare for potential changes to the financial landscape.
Alexa Nightingale, global head of financial services research at Opinium commented: “Speculation has been rife ahead of the Labour Budget, their first in 14 years, and understandably this is making clients anxious about what could be announced.
With widespread concern, IFAs are gearing up to guide their clients through the Budget’s aftermath, offering tailored advice to protect their financial wellbeing and help reduce financial anxiety. Clients are encouraged to stay proactive, consult with their advisers, and prepare for the impact of any potential policy shifts.”