The majority (59%) of accountancy professionals selected ‘A deterioration in wellbeing in other walks of life e.g. mental, physical’ as a primary concern, compared to 44% of solicitors and 32% of private equity professionals.
% of accountants who selected each option as a top financial wellbeing concern
The other top two financial wellbeing concerns for accountancy professionals are a long-term rise in inflation, selected by 39% of respondents, and geopolitical instability (34%).
Overall, the report shows that the top concerns for High Net Worth Individuals (HNWIs) have shifted from worrying about the fallout from Covid-19 in 2020, to rising inflation and a change in taxes – the second and third highest concerns this year. However, general wellbeing remains the top concern among HNWIs for the second year in a row, as the pandemic has brought the impact of mental and physical health into sharp relief for many people.
Our research suggests the pandemic has had a bigger impact on accountants compared to other professionals in more than one way. Half of accountancy professionals believe their view of the world has changed as a result of the pandemic, compared to only 29% of solicitors. They also appear to be more conscientious, with 47% feeling a duty or responsibility to help the UK economy recover post-pandemic, versus just 19% of solicitors and 26% of private equity professionals.
% of respondents who agreed or strongly agreed with the statement
Despite feeling a greater impact from the pandemic, the majority of accountants (91%) have not changed their approach to wealth planning in the last year. Talking to a financial adviser can help address concerns around inflation and taxes, with tools such as cashflow forecasting and financial resilience planning. The time that this advice can save may be particularly valuable for female accountancy professionals, 58% of whom said ‘Having enough time to take control of my finances’ is important or very important to them, compared to 38% of male accountancy professionals. Speaking to a financial adviser can also relieve the mental burden of thinking about your finances, thereby improving your general wellbeing.
Our latest financial wellbeing report is available for download here: Financial Wellbeing in 2021 – Family, Tax and Inflation – Saunderson House. The research, which has been running for four years, looks closely at the challenges and opportunities facing professional high net worth individuals.
For questions and comments, please do get in touch.
If you would like further information about our services or would like to arrange a complimentary, obligation-free telephone conversation or meeting to discuss your requirements, please contact us.GET IN TOUCH