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For individual investors in the UK

What do your peers think?

In our latest Customer Panel Survey in June 2026, we asked for your views on geopolitical risks and government spending. We aggregated the responses so you can see what your peers are thinking.

Janus Henderson Investors
Janus Henderson Investors

5 Aug 2026
3 minute read

GEOPOLITICS AND PUBLIC SPENDING

  1. How would you describe your current level of concern about geopolitical risks affecting markets and investments?(Select one)

Concern is widespread, but mostly moderate rather than extreme, with 75% of respondents either moderately or slightly concerned about geopolitical risks affecting markets and investments.
A doughnut chart reflecting the level of concern respondents feel towards geopolitical risk. 23% are very concerned and 48% are moderately concerned. 27% are slightly concerned, while only 2% report no concern. Overall, three-quarters of respondents express at least a moderate level of concern about geopolitical events affecting investments.

  1. Which geopolitical issue do you believe poses the greatest threat to global markets today? (Select one)

Middle East conflict was the standout geopolitical concern, cited by

58%

of respondents as the greatest threat to global markets. Global trade fragmentation followed
at

26%,

while US-China relations and the Russia-Ukraine war each received

8%.

  1. If conflict in the Middle East were to escalate further (for example, a widening confrontation involving Iran), what impact do you anticipate it would have on global financial markets?(Select one)

Respondents also expected any escalation in Middle East tensions to affect markets. Half anticipated a significant impact, while 46% expected a moderate but contained effect. Only 3% foresaw a limited impact and just 1% expected no meaningful market consequences.

A pyramid chart representing respondents’ views on whether an escalation in the Middle East conflict would affect global financial markets. A wide blue base at the bottom reflects half of respondents believing a wider Middle East conflict would have a significant impact on global financial markets. A smaller green band represents the 46% who expect a moderate but contained effect. A smaller orange band reflects the 3% who expect limited impact and the smallest red band at the top of the pyramid corresponds with the 1% who expect no meaningful effect. Most investors therefore anticipate noticeable market disruption if tensions worsen.

  1. How do you typically adjust your investment portfolio in response to rising geopolitical uncertainty?(Select one)

Despite geopolitical concerns, most investors are not changing course. More than two-thirds of respondents (67%) said they would make no major adjustments to their portfolios, choosing instead to maintain their current strategy.

A bar chart with orange bars representing how investors might adjust their investment portfolio in response to rising political uncertainty. Most investors would not make major changes to their portfolios during periods of geopolitical uncertainty. Sixty-seven percent would maintain their current strategy. Smaller groups would increase diversification (12%), raise cash holdings (10%), shift to defensive sectors (7%) or increase allocations to perceived safe-haven assets such as government bonds (4%).

  1. Leading economies have significantly increased public spending, often funded by substantial borrowing. What is your view of this elevated level of government expenditure?(Select one)

More than half of respondents (56%) said government spending is too high and potentially unsustainable, while only 9% felt heavy borrowing was justified to support growth.

A bar chart with coloured bars reflecting respondents’ views on elevated government spending. More than half of respondents, 56%, represented by a red bar, believe current government spending levels are excessive and potentially unsustainable. Thirty-five percent are cautiously optimistic, represented by an orange bar, while only 9%, represented by a green bar, think increased borrowing and spending are fully justified to support growth. The chart shows a clear majority expressing concern about the long-term sustainability of public spending.

  1. In your view, which type of public spending is most critical for long-term economic health and growth?(Select one)

Education and skills training was the top spending priority (37%), followed by fiscal restraint and debt reduction (32%). Infrastructure and climate projects (18%) and healthcare and social welfare (13%) ranked lower

A range of icons representing respondents’ views on what was the most important type of government spending. The first icon is an image of a book reflecting the 37% who felt education and skills training is the most important government spending. An icon of a solid building with three columns reflects the 32% who felt that it was more important for a government to demonstrate fiscal restraint and keep debt under control. A wind turbine icon represents the 18% who felt investment in infrastructure and climate projects was the most important. Finally, an icon of a hand holding a heart represented the 13% who felt that spending on healthcare and social welfare is the most important.

  1. Over the next five years, how do you expect rising global defence expenditures will affect economic growth and financial markets?(Select one)

Despite concerns about borrowing, respondents were relatively positive on defence spending. Most expected higher defence budgets to deliver a moderate economic benefit and 12% expected a significant boost. However, 19% believed increased military spending could have a negative impact.

A bar chart in four colours representing respondents’ views on the effect of defence expenditure on economic growth and financial markets. Nineteen percent believe it will have a negative effect, represented by an orange bar, and 15% expect little or uncertain impact, represented by a grey bar. Most respondents expect higher defence spending to provide a moderate economic benefit, chosen by 54%, and represented by a blue bar, while 12% foresee a significant boost, represented by a red bar. Overall, respondents are more positive than negative about the economic effects of increased defence expenditure.

Customer Panel

If you are interested in participating in the Customer Panel Surveys, please email customer.panel@janushenderson.com with your name and email address and we will get in touch with you. Existing members will continue to be included and do not need to reapply. To join the Panel you must be 18 years of age or over and hold an investment directly with Janus Henderson Investors. The survey is conducted a few times each year; participation is voluntary. Please note that your individual responses are confidential and remain anonymous but we may publish the aggregate results from time to time.

The Customer Panel Survey was conducted between 12 June and 26 June 2026. 332 respondents took part.

INVESTMENT FOCUS

Issue 35 (Summer 2026)


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These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

 

Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

 

The information in this article does not qualify as an investment recommendation.

 

There is no guarantee that past trends will continue, or forecasts will be realised.

 

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