In addition, more than two-thirds (71%) of people who have investable assets of more than £1m said they were confident about their future finances compared to less than half (47%) of mass affluent investors who have investable assets of under £500,000.

The survey found that people who regularly see a financial adviser were more likely to feel confident (59% vs 35%) about their finances than those who do not. They were also six times more likely to be “excited” about their finances, the company said. 

Overall, the survey found a significant gap in confidence between those with larger sums to invest and those with smaller sums and the advised and unadvised following the shock of the pandemic.

The survey, conducted by Technical Connection and Ad Lucem for wealth manager and Financial Planner Sanlam in February, found wealthier and advised respondents were noticeably more positive about the future.

About one in five respondents surveyed (19%) reported feeling “less confident” now than they were this time last year at the start of the pandemic. Fewer than one in six (14%) say they were more confident. More than two-thirds (67%) reported no change in confidence. 

All of the 500 survey respondents had at least £50,000 of investable assets. 

Ian Martin, regional manager, North, Sanlam UK, said: “After more than a year of rolling lockdowns and huge uncertainty, it is no surprise to see confidence about finances faltering in some groups. Those with a smaller pot of investable assets may feel under increasing pressure to save a bigger safety net for the future if they have experienced issues with employment or income during the pandemic.  

“The good news is that the value of financial advice is clear – those that have regular access to an adviser are more confident and more excited about their finances.”