Financial confidence is on the wane, according to a new survey, which has found younger people and women to be particularly pessimistic.

The Standard Life Financial Confidence Index fell from 53.3 to 53.1 per cent in May. The index hit a high of 66.7 per cent in March 2008 and has fallen steadily since, except for last December.

Only 51.3 per cent of women said they felt financially secure, compared to 54.9 per cent of men. People aged over 65, at 63.7 per cent, were most confident. Those aged 25-34 were the least secure, with an average score of 48.4 per cent.