Compare Saltus Wealth Index data...
Saltus Wealth Index survey: the numbers
Saltus introduced its Wealth Index survey in October 2021. So far there have been six surveys, tracking the evolving views of high net worth individuals (“HNWIs”) and a lot has happened since our first test of the nation’s temperature. The UK has been through its post Brexit transition, coped with the demands of the Coronavirus and how to pay for it, a war in Europe, a renewed onset of inflation and now a change of Government. Keir Starmer is the fourth Prime Minister since the inception of this barometer. Below we highlight the views 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 we recorded associated with political instability and a mini recession. However, the index still tracks below the record level we recorded at its inception and underlying this headline figure there are indicators which suggest that there is no room for complacency for the incoming Government.
Personal finance confidence
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 SWI2
Our survey suggests some growing confidence from respondents in their personal finances. Indeed the percentage of respondents who say they are very confident stands at a record level at 42%. However, this survey went into the field immediately after the election and prior to warnings the Government has subsequently issued relating to prospects for the economy and the measures it feels to take on taxation to fund its programme.
UK economy confidence
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?
Similarly, our respondents are now more confident in prospects for the UK economy than at any time since inception of the survey. 38% of the sample said in July, when we put out the survey, that they were very confident.
Top 5 future concerns
What, if anything, do you view as the biggest risk(s) to your wealth right now? Tick up to 3
Inflation and tax rises remain the top concerns of respondents, despite inflation dropping to near the 2% target. Persistent higher interest rates have replaced fears around cyber security in the top five. Fears relating to the continuing war in Ukraine and associated geo-political instability are just outside the top five anxieties people report.
London as a financial centre
Do you believe London will remain Europe’s financial capital in the next decade?
Confidence that London will remain Europe’s financial centre has declined somewhat since the last survey, but is still higher than when the Index was launched.
Anxiety about money
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 numbers of people who feel some or a lot of anxiety are at record levels.
Freedom that money makes possible
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. This survey records a new high for people agreeing that money enables freedom for those that have it.
Tax
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 40% of people believing their tax burden is too great – a record level in the latest survey, and this is prior to the tax rises predicted to come in the October budget.