Monument, a challenger bank targeting the mass affluent, found that over one in five (21%) of this group lack confidence in their inheritance planning.
Confidence is also low in areas such as retirement provisions and investments.
The research revealed that people aged 34 to 54 are the least confident about their finances.
Among this age group, 27% express uncertainty regarding retirement provisions, 21% about investments, and 18% regarding insurance.
In contrast, only 13% of those aged 18 to 34 are not confident in their retirement provisions, 12% regarding their investments, and 10% about their savings.
When asked about managing their finances without professional advice, nearly a quarter (23%) of mass affluents pointed to tax planning as a concern.
Inheritance planning also requires assistance, with 22% stating they aren’t confident managing it independently.
Other areas needing support include retirement planning (17%) and investments (17%).
Ian Rand, chief executive of Monument, said: “Our research clearly shows that the mass affluent are feeling a lack of confidence in various areas of their finances, which is further compounded by a lack of confidence in being able to manage these areas without the help of professional advice.
“This group is feeling a rising pressure on their finances and the recent Budget will have only added further complexities.
“However, this also presents an opportunity – now more than ever, it’s crucial to proactively engage with your finances.”
