One in five less confident in financial plans post-Budget

Almost a fifth of people feel less confident about their financial plans following the Autumn Budget, with around one in six reviewing or planning to review their plans in the next three months, a study from RBC Brewin Dolphin has shown.

In a snap poll following the Budget, the firm found 19 per cent felt less confident about their financial strategies and 16 per cent were reviewing or planning to review them.

Announcements at the Budget included abandoning plans to reduce the cash ISA annual allowance, changes to tax reliefs for business sellers, increases to property and savings income tax rates, and new schemes aimed at helping entrepreneurs start and scale businesses.

Ahead of the cash ISA change, 12 per cent of UK adults had already taken action to put more cash into their ISA wrappers.

Pensions ranked among the top five areas where people felt most impacted by the Budget, with 19 per cent saying they would welcome more guidance on retirement and pension planning.

A quarter (25 per cent) were worried about the impact of the Budget on their retirement planning.

Other key financial planning concerns included income tax, ISAs and savings, property, and inheritance tax.

Commenting on the findings, RBC Brewin Dolphin head of intermediaries, Ian Kloss, said: “Our research shows that one in five people feel less confident about their financial plans following the Budget, and 16 per cent are reviewing, or planning to review, those plans within the next three months.

“This is our opportunity as a sector to help decode the detail for clients.

“While the reversal of the planned changes to the cash ISA allowance removes complexity, 12 per cent of people had already moved to maximise their cash contributions ahead of anticipated change.

“Now the detail is available, advisers can help clients review their broader financial plans and approach to savings and investments.

“We've seen over 130 changes to personal finance rules in Budgets across the past decade, with more announced yesterday.

“The real value of advice is in understanding how these changes interact with each other and what that means for individual client circumstances.”

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