Seven in 10 people from lower socioeconomic backgrounds reckon Financial Planning has helped them feel better off, according to a new study.
Some 70% of employees who grew up in less privileged families who received a financial plan and personalised help say they are now better off than in childhood.
Research from Octopus Money showed that nearly four in ten UK professionals come from less privileged backgrounds. It said there’s a ‘money confidence gap’ between professionals from lower socioeconomic backgrounds and those who grew up better off.
Only 35% from less privileged backgrounds feel confident they will have enough to retire comfortably, compared with 67% who grew up in wealthier families.
Even when on the same salaries, those from lower socioeconomic groups are consistently 2-3 times more likely to say they couldn’t cover an unexpected £500 expense. Only 28% have invested for their future, less than half the 63% from wealthier backgrounds.
Employees from less privileged backgrounds who received a plan and personalised help were 1.5 times more likely to feel comfortable about retirement and 22% more likely to feel financially resilient.
Nearly two-thirds (62%) of those surveyed with both a plan and personalised help hold investments, compared with only 20% who have neither.
Ruth Handcock, CEO of Octopus Money, said: “Two people can earn the same pay - but one builds savings, invests, and plans ahead, while the other worries about making ends meet. That’s not about effort, it’s about know-how. Nobody teaches you how to manage money if you didn’t grow up around it, and it leaves many feeling stuck.”
The research figures were based on a survey of 3,000 UK employees conducted by Octopus Money, 2025; a survey of 3,000 UK employees conducted by Octopus Money, 2025; insights from 8,000 customers who have used Octopus Money’s services in the past 12 months.