UK could boost net worth by up to £142bn by improving nation’s financial confidence

Moneybox Financial Confidence Index: UK could boost net worth by up to £142bn by improving nation’s financial confidence

• Moneybox’s second annual Financial Confidence Index shows powerful link between levels of financial confidence, investing and increased net worth

Moneybox’s second annual Financial Confidence Index reveals a clear and compelling link between financial confidence, propensity to invest and improved financial outcomes among consumers. The data makes a powerful case for prioritising efforts to build financial confidence – driving greater financial resilience and wealth creation nationwide.

Based on a nationally representative study of over 4,000 adults, the Index tracks the nation’s financial confidence alongside evolving attitudes and behaviours towards money. Moneybox’s goal is to deepen our collective understanding of how to drive meaningful behaviour change and empower people to achieve their financial goals, build wealth with confidence, and create the life they want.

Despite a backdrop of economic uncertainty and market turbulence throughout the first half 2025, the data shows Britons are feeling more confident about saving (84% compared to 79% in 2024), investing (from 33% to 39%), and their ability to manage their personal finances overall (83% vs 79%). Britons are also feeling more confident about their long term financial plans with over half (57%) saying they are confident about planning for a comfortable retirement, compared to 46% who felt this way in 2024.

Further analysis of the data revealed that individuals that report feeling confident managing their personal finances had a net worth that was £86k higher than those who don’t feel financially confident – regardless of income.

44% of those who are very confident have investments, vs just 15% of those who aren’t confident at all. In addition, those who are confident in managing their finances also have significantly more invested (£111,702) than those who aren’t (£27,957).

Moneybox believes that improving financial confidence across the UK has the potential to boost the level of personal net wealth across the UK, by up to £142bn*. And insights from the Financial Confidence Index indicate that the top measures needed to help boost the nation’s financial confidence could be as simple as helping people to better understand their financial situation (57%), giving them improved access to personal sources of advice (51%) while supporting them in finding financial products that meet their goals (47%).

Moneybox’s data also highlights the positive role that goal setting and intentional planning can play in building financial confidence. Among those who feel financially confident, almost half (48%) say they set and follow a budget – an increase in the last year since Moneybox’s first Financial Confidence Index (33%). Similarly, half (49% of financially confident individuals are now setting long-term financial goals, compared to just 34% in 2024.

These trends show that by helping people better understand their financial situation, access appropriate guidance and find products aligned to their needs – in line with the aims of the FCA’s targeted support regime – more people can make informed decisions, set meaningful goals and build their financial confidence.

Brian Byrnes, Head of Personal Finance at Moneybox comments: “Building financial confidence is the key to building wealth over the long term, and our Financial Confidence  Index demonstrates this very clearly. Regardless of your income, if you feel confident managing your personal finances, you’re more likely to prioritise building up your savings, investing and planning for your financial future. It’s really encouraging, for example, to see over half of those we spoke to feel confident about planning for a comfortable retirement – though ongoing support still remains important to ensure expectations match retirement realities.

“Seeing the dial shifting with increasing numbers of people engaging in positive financial behaviours such as setting a budget and setting long-term goals is encouraging but we as an industry have a role to play, as does the government.

“Initiatives such as the FCA and Treasury’s Advice Guidance Boundary Review (AGBR) will be integral in building financial confidence across the UK. The AGBR’s Targeted Support proposals will enable providers like Moneybox to personalise guidance to their customers, helping them to make more informed decisions about their finances.

“As the Government seeks to build an investing culture within the UK, we firmly believe that helping savers to build strong financial foundations will be key. We know from our analysis that when savers feel comfortable with their savings pot, they consider investing for the long term, so products such as the LISA have a crucial role to play in establishing these behaviours.  82% of Moneybox LISA customers said that saving with a LISA has improved their financial habits.

“Finally, how we enable people to engage with their longer-term finances will be the missing piece of the puzzle. Pension Dashboards and Targeted Support will both help paint a picture of not only how much people have saved, but also how they can improve their retirement pots with small, manageable steps. Planting these seeds is what is necessary now to grow a nation of financially confident savers and investors.”

*Net worth (cash savings, investments, retirement savings / pension) in thousands

Methodology 

Consumer research was conducted by One Poll on behalf of Moneybox from 6th to 14th May 2025 amongst 4015 UK Adults, weighted to be nationally representative on the basis of age / gender / region.

The net worth analysis amalgamated the survey responses across all cash, investments, and retirement, less debt (excluding student loans) to calculate net worth at the time surveyed. It then tracked that net worth against responses to financial confidence, education, and missed opportunities per person. All averages are weighted averages by age bracket and household income bracket – anybody with no household income was excluded from the analysis.

*Estimations based on a net worth gap calculated between those who identify as financially “Confident” and “Not Confident” in a survey of 4,015 UK adults (weighted to be nationally representative on the basis of age / gender / region), which equated to a total gap of -£85,999. Extrapolated against the ONS national population estimates, this theoretically could equate to -£141,899,088,436