One in four consumers over 25 (26%) say they are “not confident” about their financial situation due to the impact of the Coronavirus pandemic, according to a survey by the CISI ahead of Financial Planning Week 2020.

The professional body, which runs the Certified Financial Planner qualification, says its survey found that 33% of 35-54 year olds and 27% of women were “not confident” about their finances post Covid-19.

It is releasing the data on the eve of its annual Financial Planning Week campaign to encourage more people to get Financial Planning advice.

The survey found significant numbers of people were gloomy about their financial situation across the UK, with some significant regional variations, although the majority of consumers expressed confidence.

Consumers in Northern Ireland and the North East were least confident about their financial situation post-Covid-19 while consumers in the West Midlands and Scotland were more positive.

The survey asked the question:

Source: CISI 

The professional body will run its annual Financial Planning Week from 5-11 October to raise awareness of the benefit of Financial Planning.

During Financial Planning Week Financial Planners and Certified Financial Planner professionals will offer free, one hour sessions to consumers.

Consumers were asked whether they were confident that they had the knowledge to make the right financial choices in their lives. Of those who responded 15% disagreed. In Northern Ireland, 23% disagreed with this statement compared to 11% in the East Midlands. Of 25-34 year olds, 20% said they were not confident.

In addition, respondents were asked whether they were confident that they knew enough about money management to support their family long-term. Overall, 16% disagreed with 22% of 25-34 year olds and 21% in Northern Ireland disagreeing.

Jacqueline Lockie CFP, CISI head of Financial Planning, said: “It’s clear that many families across the nation will have had their lives turned upside down by the impact of this pandemic, perhaps through ill health, bereavement, furlough or business losses.

“The findings of this survey show the real impact on people’s confidence in managing their future finances. Financial Planners, this year more than any other, can offer a steadying hand to anyone worried about money and Financial Planning Week is an opportunity for the public to engage with Financial Planners for an hour’s free financial help during these confidential guidance sessions.”

• The survey was carried out by YouGov. Total sample size was 2,116 adults, of which 1,965 were over the age of 25. Fieldwork was undertaken between 8-9 September online.