The Money and Mind Report 2025, which surveyed 1,000 UK adults to understand attitudes to finances and wellbeing, shows that financial concerns profoundly impact both mental and physical health. Those aged 35-54 were more concerned about their finances than older age groups, highlighting the challenges of balancing multiple financial responsibilities while potentially facing career uncertainties

For those with financial concerns, 79% reported that this affects their mental wellbeing, underscoring the importance of proactive financial management. 29% of those concerned indicated that financial worries affect them both mentally and physically, manifesting in symptoms such as sleep disturbances, headaches and other stress-related physical ailments.

41% of those surveyed said they have made sorting out their finances a top priority, a 5% increase from 2023. However, while 55% of respondents said they were likely to create a financial plan, only 8% currently had one in place. Loved ones were found to be the most common source of support for those with financial concerns, while just 6% consult a professional financial adviser, highlighting a gap in professional financial guidance that needs to be addressed. The report found that 22% believed financial planning would be too expensive, underscoring the importance of affordable, accessible financial advice to help people manage their money better and reduce any negative impacts on wellbeing.

Key findings:
• 62% of respondents concerned or very concerned about finances
• 79% of those with financial concerns report that their financial situation impacts their mental wellbeing
• 70% are worried about the impact of the cost-of-living crisis
• 55% are likely to make a financial plan but only 8% currently have one in place
• 33% confide in a loved one, while only 6% discuss their money worries with a professional financial adviser
• 22% think financial planning would be too expensive
• 41% have made sorting out their finances a top priority, a 5% increase from 2023

Ben Waterhouse, chief client officer at Schroders Personal Wealth, said: “This report highlights the importance of financial wellbeing and the critical role that financial planning can play in supporting individuals. By understanding key concerns and priorities, we can develop strategies and solutions that not only help alleviate financial stress but also aim to enhance overall wellbeing. We hope that the insights from this report will inspire meaningful conversations and actions towards a more financially stable and mentally healthy future.”

Alice Harmer, personal wealth adviser at Schroders Person Wealth, added: “Achieving financial goals requires more than just good intentions; it needs a well thought-out plan and the right guidance. As financial advisers, our role is to help clients navigate the complexities of financial planning, from budgeting and saving to investing and retirement planning.

“We provide the expertise and insights needed to make informed decisions that align with their long-term objectives. By working with a financial adviser, individuals can gain clarity on their financial situation, set realistic goals, and develop a plan that aims to achieve them. This personalised approach ensures that individuals are not only prepared for the future but also able to enjoy peace of mind knowing they are on the right path.”

Speaking at the World Economic Forum in Davos, she committed to tabling an amendment to the Finance Bill which could remove some of contentious elements of its changes to non-dom taxation though there is little detail to go on.

Reeves is widely quoted as saying that “we have been listening to the concerns that have been raised by the non dom community”.

In early reaction amid scant detail on what tweaks she might make, Stephen Kenny, head of private client at audit and accountancy firm PKF Littlejohn said: “This very much feels like too little too late. The changes to the non-dom rules were first announced by the previous government in March 2024. Since then, many in the industry raised the likely impact these changes would have, and the new government has had the opportunity to reassure the internationally mobile community that the UK is open for business. But they have not heeded the warning until too late.

“Having worked with non-domiciled High Net Worth individuals for most of my career one of the key benefits the UK used to offer was certainty and a stable tax regime. This has been eroded by successive changes to the non-dom regime which have, for the most part, have not been managed as effectively as they could have been. The feedback I get from people wanting to leave the UK is that they are not only unhappy because of changes in the tax regime but because they have no confidence that it won’t change further in the future.

“I doubt this announcement will do much to change people’s opinion. If the government is serious about keeping the UK open for business they should be taking the opportunity to engage with advisors to create a fair regime that will work for the UK and allow people to effectively plan for the future.”

Anthony Whatling, managing director at Alvarez & Marsal Tax, said: “The announcement by Rachael Reeves that the Government will introduce amendments to the proposed non-dom changes is very welcome. It is reassuring to hear that the Government is listening to the concerns raised by non-doms and industry experts about the potential exodus of wealthy individuals from the country.

“However, it appears that the only amendment planned is to extend the “temporary repatriation facility,” allowing taxpayers to bring their historic income and gains to the UK at a reduced tax rate. While we await the specifics of these changes, it is doubtful that this measure alone will significantly stem the outflow of wealthy non-doms.

“A major concern remains that limiting tax benefits to the first four years in the UK makes the country relatively unattractive. Extending this four-year limit for new arrivals, perhaps in conjunction with an annual tax charge similar to the successful Italian regime, could better attract and retain internationally mobile ultra-high-net-worth individuals who contribute significantly to the local economy.”

Charlie Sosna, Head of Private Wealth and Tax at Mishcon de Reya, said: “Clients in and outside the UK will welcome the statements from the Chancellor. There has certainly been a feeling amongst many clients that the rules as proposed do not make the UK an attractive place for them to remain.

“Many significant clients have looked to relocate to their home countries, or other countries looking to attract their talent and wealth (such as Italy, Switzerland and Monaco). We certainly have many client families and their family offices who wish to review their position in the UK and are seeking assistance in relocating to other jurisdictions as a response to the abolition of the ‘non-dom’ regime’.

“It is important to remember that these clients do, and are very happy to, contribute and pay their way in society. However, the Government must balance that against offering a regime that entices them to relocate to or stay in the UK rather than simply remain in their home countries.

“Separately, the new rules have not gone far enough to entice many entrepreneurs and wealth makers to relocate themselves, their businesses and their families, from their home countries or elsewhere to the UK. Instead, they have created a regime that could attract people to come to the UK for a short period of time, contribute very little if anything in tax contribution to the UK, and then look to leave the UK once their favourable tax position ends. As a result, we have seen a slowdown in those looking to relocate to the UK with many looking at the UK with some scepticism and querying whether they and their businesses are truly welcome here.

“Given the Government’s desire to attract these people, it is understandable that they have taken stock of the reaction and decided to act to minimise the loss of these individuals and seek to convince those abroad that the UK is where they want to live and invest. We welcome any changes the Government may introduce to address these issues and ensure there is a regime where all contribute to society and ‘pay their way’, but in a way that incentivises them, their families and their businesses and investment to pick up sticks and come to, and remain in, the UK.”

Carol Katz, partner in the Private Wealth and Tax group at Mishcon de Reya, added: “In terms of the impact of the current proposed rules on the internationally mobile, we have seen an increase in the number of enquiries from existing and new clients who are looking to relocate out of the UK: the departure lounge is very much fuller than arrivals at present!

“Expanding the temporary repatriation facility could encourage more people to stay in the UK as the reduced tax rate (either 12% or 15%, depending on the year in which it is designated) is a significant carrot with which to encourage people to bring funds here to settle for the long term. Our clients would want to see the detail before changing their plans and time is running out.

“The new regime will be attractive to people looking to stay in the UK for only a short period in order to take advantage of four years of 100% tax relief on their foreign income and gains. However, four years is a short time to base a decision to relocate a family, with many people looking at Italy, Switzerland and Dubai as alternatives to the UK.”

Marc Acheson, global wealth specialist at Utmost Wealth Solutions, said: “The measures announced at the Budget made the UK far less attractive to non-doms and created the perfect storm of many leaving and less coming in. The replacement of the current remittance basis with the new 4-year foreign income regime encouraged the wrong type of behaviours and gave little incentive for people to come to the UK and establish long-term roots.

“Many of our clients have been exploring other jurisdictions in the EU and UAE. This community would rather not leave the UK and contribute significantly to the exchequer, so any review of those changes, particularly with reference to the erosion of IHT protections on existing settlements would be welcome.”

Rachel De Souza, tax partner at audit, tax and consulting firm RSM UK, said: “I welcome Rachel Reeves’ acknowledgement that concerns have been raised by the non-dom community to the changes due to come in on 6 April. Whilst an increase to the temporary repatriation facility must be a good move, it is woefully inadequate to prevent wealthy non-dom and British entrepreneurs from leaving the UK.

“The way to stem this exodus would be to maintain the exemption from IHT to offshore trusts but also reverse the proposed changes to agricultural and business property relief which impacts the farmers and entrepreneurs.”

Philip Munro, partner at Withers on whether they could change wealthy people’s attitude to staying in the UK: “As set out in the 2024 Budget, the new rules will be available for a limited period from 2025 to 2026.

“The tax rate will be 12% for the first two years and 15% in the final tax year of operation. This may be helpful to some individuals who have previously claimed the remittance basis, but it is unlikely that revisions to the terms will impact on the decision-making where individuals are considering leaving the UK.

“The decision to leave the UK and to be non-resident is generally taken for one or both of two reasons:

1. One is simply that a move to worldwide taxation on income and gains in the UK is not acceptable. There are many countries which offer lower tax rates and can incentivise entrepreneurs to relocate to them. The non-dom tax reforms only offer a four-year period during which full UK tax is not applicable and that is only for those who are moving to the UK (and generally not to those already living here); and
2. Inheritance tax – there may be a positive incentive to leave the UK now in many cases to avoid a 40% inheritance tax exposure applying on worldwide assets. The non-dom tax reforms have a potential IHT ‘tail’ of up to 10 years for those who leave the UK in the future and this may well be unacceptable to many wealthy and internationally mobile individuals.

“If the Government wants to stop non-dom individuals leaving the UK, measures on these points would also be required.”

Mauro De Santis Bo, partner at GSB Wealth said: “The proposed softening of the non-dom rules is likely aimed at preventing the loss of high-net-worth individuals who contribute significantly to the UK’s economy.

“By extending the temporary repatriation facility to three years and slightly lowering the tax burden during this period, the government is sending a signal that the UK remains a welcoming place for global wealth. Although this may look like it is going to help retain wealthy individuals who might otherwise move their funds elsewhere, I believe that is only helping those non-doms that are already thinking of staying and they have been lobbying intensively over the past months to make the new rules slightly more favorable for them.

“There’s no denying that the initial uncertainty and proposed tightening of the non-dom regime have already pushed some individuals to leave the UK or reconsider their long-term commitment to the country. Wealthy individuals value stability and clarity in tax policy, and many will have already acted on the earlier announcements, relocating funds or even themselves to jurisdictions with more predictable regimes.

“This softening can be seen as a positive step, but for those who have the decision of leaving or already left, it may be too late to reverse their decisions and I doubt this ‘softening’ will be enough to make them change their minds. The UK now faces a challenge in rebuilding trust among this community and demonstrating that it can balance fiscal needs with a competitive, business-friendly environment. Timing is everything, and a stronger, clearer commitment to welcoming global wealth sooner could have mitigated the damage.”

This collaboration combines Fairstone’s extensive client base and advisory expertise with JP Morgan Asset Management’s global investment capabilities, it said in a statement on 22 January.

The partnership will see Fairstone utilise JP Morgan Asset Management’s global equity and global bond capabilities as core components of its new NOVA MPS (Managed Portfolio Service) range.

The NOVA MPS will provide institutional-grade investment capabilities to retail clients at institutional pricing, “delivering significant value at just 55 basis points”. Set to launch for new clients on 1 March, the range is designed to deliver proven investment solutions at a highly competitive price.

Fairstone will seed the new range with over £500m on day one and anticipates that the exceptional quality and price of the offering will drive incremental assets into the Fairstone MPS ranges of £2bn over the next 12 months.

The strategic partnership extends beyond the NOVA MPS range, as Fairstone and J.P. Morgan Asset Management collaborate to develop further product innovations.

Pictured above are: Lee Hartley, Fairstone CEO; Claude Kurzo, JP Morgan Asset Management Country Head UK; and Nick Stebbing, Fairstone COO.

Speaking at the launch event, held at JP Morgan’s offices on London’s Embankment, Lee Hartley, CEO of Fairstone, said: “Fairstone Investment Management was established to act as professional buyers of investment solutions, ensuring clients remain at the heart of our approach.

“The NOVA range, managed by Fairstone’s in-house investment management team, will feature segregated mandates run by J.P. Morgan Asset Management as cornerstone solutions. J.P. Morgan Asset Management was selected for their outstanding track record, with 88% of their global mutual fund assets under management outperforming their peers, and for the expertise of their team of over 1,300 global investment professionals.

“To remain the most trusted wealth management company and to continue delivering exceptional service to our 125,000 clients, we recognise the importance of partnering with leading suppliers. In J.P. Morgan Asset Management, we are confident we have found the right partner.”

Claude Kurzo, UK country head at JP Morgan Asset Management, added: “We’re excited to partner with Fairstone on launching an innovative new MPS solution that is expected to provide strong client outcomes at a very attractive price point. We also look forward to supporting Fairstone in helping their clients achieve their financial objectives, which includes leveraging our Guide to the Markets and training programs to support Fairstone’s advisers.”

Nick Stebbing, chief operating officer at Fairstone, said: “This partnership delivers institutional-grade investing to retail clients, bridging a significant gap in the market. By working with J.P. Morgan Asset Management, we’re able to offer solutions that bring together robust performance and competitive pricing. This collaboration underscores our commitment to ensuring clients benefit from professional-grade strategies that were previously accessible only to large institutions.”

It has now made a total of 107 acquisitions. The latest five transactions add approximately £375m assets under advice, 1,100 households as clients and three new offices in Derbyshire, Lincolnshire and Cheshire.

The five acquisitions are: Hallidays Wealth Management in Stockport, Foinaven Asset Management in Ashbourne, Tony Fenton & Sons in Caistor, PW Financial Management in Cheadle and the client book of a longstanding adviser based in Perspective (Home Counties) Ltd.

Karl Fenton, Financial Planner from Tony Fenton & Sons, which now forms the Group’s Lincoln hub office and is renamed as Perspective (Fenton & Danes) said: “We had discussed options for the next phase of our company for some time with Tony approaching his retirement, but with myself, Ben and Jonathan still looking to continue our careers as advisers.

“Perspective was the first company of many that we met with while looking into a sale, and from day one it always seemed like the right fit, not least because of the shared values when it comes to treatment of clients and processes. The journey to completion was tough, as you would expect, but made so much easier by the dedicated and supportive staff throughout the company, who are a pleasure to deal with.”

Financial Planner, Simon Roberts from Foinaven, which becomes Perspective (Foinaven) in Ashbourne said: “After many years of providing a high level of service to our clients, I wanted this to continue indefinitely in a more protected environment for all concerned. After careful consideration I was very pleasantly surprised to meet Perspective, who operate in the same way as we do, and I look forward to continuing the journey to serve our clients with the professionalism they deserve.”

Ian Wilkinson, chief executive officer of Perspective said: “We are delighted to have finished 2024 so strongly, and that these high quality, client-centric firms have chosen to become part of Perspective. We welcome a number of new colleagues to our expanding group, including three new offices to further develop our national footprint.

“We look forward to seeing what 2025 brings for Perspective, and hope that we can continue to capitalise on our strong M&A momentum and pipeline. We are meeting both large and small firms and plan to continue growing at pace with our highly selective acquisition strategy.”

Charlie Garner brings nearly a decade of expertise in the financial services sector, with over three years dedicated to providing strategic financial planning. He will play a key role in supporting the firm’s ongoing growth, assisting both new and existing clients, and further strengthening Colmore Partners’ presence within Birmingham’s professional community.

Prior to joining Colmore Partners, Garner worked at Cowens, a commercial insurance broker and financial planning firm. He has also held positions at Island Financial Strategy and Boolers, a pension scheme specialist and wealth management company.

Garner, said: “I’m excited to join Colmore Partners and contribute to the firm’s excellent reputation for providing high-quality financial advice. The opportunity to collaborate with a talented team and help clients achieve their financial goals is something I truly value. I look forward to building long-lasting relationships and contributing to the continued growth and success of the business.”

Richard Meek, managing director of Colmore Partners, said: “Charlie’s expertise will be invaluable as we continue to provide tailored, holistic financial advice to our diverse client base. He will work with a range of high-net-worth individuals, including business owners and senior executives.

“We are focused on growing and developing our existing team by nurturing talent and attracting new professionals like Charlie who align with our values and commitment to excellence. His appointment is another step in ensuring that Colmore Partners remains a forward-thinking and dynamic place to work.”

CAPTION: (l-r) Richard Meek welcomes Charlie Garner to Colmore Partners.

Colmore Partners was awarded corporate Chartered status by the Chartered Insurance Institute last year, in recognition of its commitment to professional standards. The firm was also named one of the Top 100 performing SMEs by Great Place to Work® UK for the second consecutive year.

CAPTION: (l-r) Richard Meek welcomes Charlie Garner to Colmore Partners.

Colmore Partners is a firm of Independent financial planners based in the heart of Birmingham. The firm is led by Richard Meek, Wendy Fellows and Simon Hoult, who between them, have almost 70 years’ experience in the financial services industry.