- Half of UK adults with over £15,000 in their current account have recently received financial support from a loved one
- 74% of over-55s with £15k+ plan to gift money to younger relatives – rising to 91% of 45–54s
- 87% of 16–24s with £15k+ consider themselves wealthy – but 53% of over-55s with the same amount do not
London, 28 August 2025 – New research from Pay.UK, owner and operator of the Current Account Switch Service, highlights the increasingly interdependent nature of personal finance in the UK – with many adults with a high credit balance having recently received financial support from family.
Among UK adults with over £15,000 in their current account, half (50%) say they have recently received financial help from a loved one. A further 28% expect to receive such support in the near future.
The trend is particularly noticeable among younger adults as 56% of 25–34-year-olds with over £15,000 in their account say they’ve recently received financial support, and 34% plan to put the money towards a major purchase, such as a home or travel.
Older adults are stepping in to provide this support. 74% of over-55s with more than £15,000 in their account say they plan to gift money to younger relatives – rising to 91% for those aged 45–54. Despite their savings, over half (53%) of over-55s do not consider themselves financially wealthy, perhaps due to their ongoing responsibilities in helping family members.
Younger adults with the same account balances are more likely to view themselves as wealthy – 87% of 16–24 year olds and 84% of 25–34 year olds say they consider themselves financially wealthy.
New perceptions of wealth
The research also reveals a shift in how people define wealth today. Two in five (40%) of those with a high credit balance said being wealthy is now more about financial freedom than material possessions, while over a third (36%) believe social media has changed how people perceive and define wealth. The same number (36%) say people are now more focused on financial security than the pursuit of being ‘rich’.
Others pointed to the cost of living crisis as a key factor – 35% said it’s now harder to feel wealthy, while 33% said owning property used to be a key marker of wealth but increasingly feels out of reach. Overall, 31% feel wealth is simply less attainable for younger generations.
John Dentry, Product Owner at the Current Account Switch Service, commented: “Everyone’s financial scenario is different, and there’s no one-size-fits-all approach to managing finances. For this group of individuals who have over £15,000 in their current account, it’s important that their current account supports their financial goals, whether that’s helping others, saving for a major purchase, or building long-term stability. Taking the time to understand what an account offers, and whether it fits the right needs, can help people feel more confident and in control of their money.”
