Are you putting off money decisions you know you should make?

"I was chatting to a friend over coffee last week - someone I've known for years, who's smart, successful, and has a good job. She mentioned, almost in passing, that she'd been meaning to look into her pension for ages but kept putting it off. "I just feel like I should understand it better before I do anything," she said. "Like, other people seem to know what they're doing with money, and I'm just winging it."

It struck me because I hear versions of this all the time. People assuming everyone else has it figured out. Feeling like they're somehow not qualified to make financial decisions about their own money. And here's the thing - my friend wasn't putting it off because she couldn't afford to think about her pension, or because she was too busy. She was putting it off because she didn't feel expert enough to even start.

That feeling has a name now. Quilter recently published research showing that millions of people in the UK experience what they're calling Financial Imposter Syndrome - that nagging sense that you're not really "good with money", even when you're doing perfectly well.[^1]

So what exactly is Financial Imposter Syndrome?

You might have heard of imposter syndrome in the workplace - that feeling of being a fraud despite your achievements. Financial Imposter Syndrome is the same idea, but applied to money. It's when you doubt your financial capability, attribute any success to luck rather than your own choices, or avoid planning because you don't feel qualified.

According to Quilter's research, around 3 million UK adults experience this fully, with another 5 million showing symptoms. That's a lot of people quietly feeling like they're not good enough at managing money.

The research found that 23% of people doubt their own financial management skills, 19% put their financial success down to luck, and 9% admit they sometimes fake financial know-how. Among younger adults, it's even more common - half of 18-34 year olds believe others think they're better with money than they really are.

Why does this matter?

Because it stops people taking action. I see this regularly in my work at Ginkgo. Someone will come to us after years of meaning to sort out their finances, and when we dig into why they've waited, it's rarely about money. It's about confidence.

They worry they don't have "enough" to warrant advice. They assume financial planning is for wealthy people, not "people like them". They're concerned they won't understand the terminology, or that they'll be judged for not knowing more.

On average, people in the study thought they needed £72,000 in assets before seeking financial advice. At Ginkgo, we typically work with clients who have at least £100,000 to invest. This is because regulated advice involves detailed work, and we want to ensure that the fees represent good value for clients at the stage they’re at.

But here's what I want you to know: if you're not quite at that threshold yet, that doesn't mean you should do nothing. There's plenty you can do right now to build confidence and make progress.

That's actually why we started our Grow with Ginkgo community programme - to help bridge that gap. I was at Charlton's Big Red Bus Club recently, talking to parents of children with special needs about financial planning. No sales pitch, no pressure - just practical information to help people feel more confident about money. We run regular drop-ins, webinars and publish guides on topics that matter to our local community, because we believe everyone deserves access to clear financial information, not just people ready for regulated advice.

And when you do reach the point where professional advice makes sense, you'll be in a much stronger position because you've already taken those first steps.

It doesn't disappear with success

What surprised me most about Quilter's research is that Financial Imposter Syndrome doesn't fade as you earn more. Almost a quarter of people earning over £80,000 still show signs of it. High earners often describe feeling they should know more or be doing better with their money.

I think about the clients I work with - our Root clients, who are building foundations or regaining stability after big life changes. Many arrive feeling they should already have this figured out. But why? Most of us weren't taught about money at school. We've picked it up as we've gone along, making mistakes, learning, adjusting. That's completely normal.

What you can do about it

Financial confidence isn't something you're born with. It's built, bit by bit, through small actions that add up.

If you recognise yourself in any of this, here are some practical steps:

• Take stock of where you are. Write down your income, outgoings, debts and savings. Seeing it clearly on paper often reduces the fear. You can't plan from a place of avoidance.
• Set one achievable goal. Not ten. One. Maybe it's building a £500 emergency fund, or contributing 1% more to your pension, or finally opening that Stocks & Shares ISA you've been thinking about. Success with one small thing builds momentum.
• Ask for help when you need it. Whether that's a conversation with a financial adviser, a friend who's been through similar decisions, or even just reading a few articles to build your understanding. Nobody expects you to know everything.
• Remember that perfection isn't the goal. Progress is. Everyone makes financial mistakes. What matters is your ability to learn, adjust and keep moving forward.
• You're not an imposter - you're learning The very fact that you're reading this means you care about getting your finances in order. That's not "winging it" - that's being thoughtful and wanting to do the right thing.

I work with people early in their financial journey every day. Some are just starting to invest for the first time. Others are rebuilding after divorce, redundancy or a major life change. Very few of them walk through the door feeling like financial experts - and they don't need to be.

What they need is someone to translate the complexity into clarity, to help them see what's possible, and to build a plan that makes sense for their life right now. That's what financial advice actually is - not a test of how much you already know, but a partnership to help you move forward with confidence.

You're not less capable because you don't understand every financial acronym or because you've put off decisions in the past. You're just human. And your money deserves a plan - not when you feel "ready", but now, with the support and information you need to make good choices.

If you'd like to talk through where you are and what your next step might be, we'd be happy to help.

Rachael Childs, Financial Adviser 

The value of investments can go down as well as up and you may get back less than you invest. Past performance is not a reliable indicator of future results.

[^1]: Quilter (2024). "How Financial Imposter Syndrome is holding Britain back." Available at: https://www.quilter.com/about-us/money-needs-a-plan/financial-imposter-syndrome/

Approver Quilter Financial Services Jan 26