More than two thirds (69%) of workers said they feel financially resilient, up from 65% in 2023, according to research from LV=.
Key findings from LV=’s third Reaching Resilience report which surveyed 2,720 nationally representative UK workers last autumn, also revealed around half of respondents reported that the right protection would further enhance their sense of resilience.
Almost one in five (18%) workers now consider themselves to be very financially resilient, up by four percentage points over the past 12 months.
The report, which examines financial attitudes across diverse groups, also indicates encouraging trends among parents of young children, with 77% of this group reportedly feeling secure, up from 63% in 2022, and just under four in five (79%) reporting that they feel more resilient than a year ago.
But despite this rising confidence, gaps in financial protection remain.
While almost half of workers (48%) lack any form of protection cover, a significant portion would feel more secure with an income protection or critical illness product in place.
Half of workers reported they would feel more resilient with insurance that covers monthly outgoings during illness and injury, and a similar number believed a lump-sum pay out for serious illness or death would boost their financial confidence.
Mike Farrell, protection sales and marketing director at LV= (pictured), said: “This is a significant moment, and with increasing optimism, people are rethinking their financial priorities.
“Our research has revealed this as an ideal time for advisers to have meaningful conversations with their clients about the importance of protection.
“While it’s encouraging to see financial confidence on the rise, our findings show that the right protection could further strengthen this sense of security.
“LV= is here to help advisers support clients in building financial resilience with tailored solutions offered as part of the LV= Flexible Protection Plan.”
