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Saltus Wealth Index survey: the numbers
Saltus introduced its Wealth Index survey in October 2021. So far there have been four surveys, tracking the evolving views of high net work individuals (“HNWIs”) as the UK goes through its post Brexit transition, copes with the demands of the Coronavirus, the challenges of climate change and the levelling up agenda. Below we highlight the views of some of our respondents on some of the key questions the survey tracks.
Hover over a data point to view the results.
The Saltus Wealth Index - how the confidence of High Net Worth Individuals has changed over time
Working with Dr Mike Peacey of the University of Bristol, we have aggregated some key measures to create a single index. Overall our respondents are positive about the future for the UK and their own personal prospects and there has been some recovery in confidence since the lows recorded earlier in the year. However, there is some way to go before HNWIs feel as confident as they did before the events of the Autumn of 2022.
Personal finance confidence
Q1: Thinking about your own finances, how confident or unconfident, if at all, are you about the next six months?
*Change in methodology: we introduced a neutral category in SWI 2
There has been very little movement in the way HNWIs view prospects for their personal finances between November 2022 and the most recent survey. Other results in the survey indicate a prevailing cautiousness.
UK economy confidence
Q2: Thinking about the UK economy as a whole - not just your own financial position how confident or unconfident, if at all, are you about the next six months?
Our respondents are now more confident in prospects for the UK economy with the number of people believing in the worst outcomes notably declining since the autumn of 2022.
Top 5 future concerns
Q3: What, if anything, do you view as the biggest risk(s) to your wealth right now? Tick up to 3
Inflation and interest rates have been a persistent worry since the inception of the survey. Brexit, Covid and the war in Ukraine have dropped down the list of our respondents’ concerns, no longer making the top five. They have been replaced by worries relating to an increasing tax burden and instability in the banking sector (the survey took place in the period of the collapse of Silicon Valley Bank and Credit Suisse).
London as a financial centre
Q4: Do you believe London will remain Europe’s financial capital in the next decade?
London remaining Europe’s financial centre is critical for the UK. Respondents broadly believe that the capital will have a robust future as a global hub.
Anxiety about money
Q5: To what extent do you agree or disagree with the following statement? 'My money makes me anxious'
The responsibility of managing money continues to weigh on our respondents throughout the period of these surveys, with the latest results suggesting that this anxiety is at its highest levels.
Freedom that money makes possible
Q6: To what extent do you agree or disagree with the following statement? ‘My money is a source of freedom for me’
Our respondents continue to see the benefit to their lives that robust personal finances can provide.
Q8: Have you ever been a victim of a financial scam and/or cybercrime? If this has happened more than once, please think of the last time it happened.
While our survey has indicated some variation around the extent of cyber crime with some significant fluctuations in the numbers of respondents indicating that they have been victims, the underlying data show that this is a significant problem for HNWIs.
Q9: Thinking about the amount of tax you pay in the UK, do you think:
Uneasiness about the tax burden placed on them has grown with people who believe their tax burden is too great reaching record levels in the latest survey.