Financial Priorities for the Nation: New Research by St. James’s Place Highlights Top Concerns

The launch of various political party manifestos this week has brought to light the biggest financial issues that the nation wants the incoming Government to address. According to new research by St. James’s Place (SJP), short-term issues are dominating the top 10 financial priorities, with limiting energy costs, lowering inflation, and providing more cost of living support being the main concerns for people.

The research, conducted among 8,000 adults across the UK, revealed that limiting energy costs (38%), lowering inflation (31%), and providing more cost of living support (30%) are the top three financial priorities for the nation. Additionally, a quarter of individuals hope that the new government will take action to reduce long-term care costs, while 1 in 5 want to see an increase in housing supply and help with saving for a comfortable retirement.

Generational differences were also evident in the research, with long-term care costs emerging as a priority issue for nearly 4 in 10 individuals aged over 55. Energy cost reduction was a significant concern for this age group, compared to younger individuals who prioritized other financial issues such as getting onto the housing ladder.

The research also highlighted the role of financial advice and guidance in supporting individuals during political and economic changes. One in five individuals reported seeking financial advice or guidance due to changes in Government, policy, or the economy, while a further 18% sought advice due to the cost of living.

Alexandra Loydon, Director of Engagement and Consultancy at St. James’s Place, emphasized the importance of Government support for everyday expenses, especially in the current challenging economic environment. She also highlighted the role of financial advice in times of change, noting that many people have been seeking advice during the cost of living crisis and other changes in policy, the economy, or Government.