Only 8% of Consumers Have Ongoing Financial Advice
Published / Last Updated on 12/01/2022
A recent report by Platforum has found that whilst one third of people claim to use a financial adviser, below 8% actually have an ongoing relationship with their financial adviser.
The research also found that:
- Ages 36 to 45 – only 24% take financial advice
- Ages 26 to 35 – 35% take financial advice
- Ages 16 to 25 – 47% allegedly take financial advice
We suggest above figures may be skewed as many younger people may skew what they define as financial advice, this claiming that they take advice when they do not and perhaps have other forms of guidance.
The reality is that just 3.1m people have an ongoing relationship with an adviser, meaning 6-7% actually pay for ongoing financial advice.
Comment
This is worrying. Would anyone think they could do their own dentistry without having a degree in dentistry? No, probably not and the same applies to financial planning. As we have always suggested, even on our home page introduction, you may know a lot or a little about finance but you cannot know it all. This will mean you may pay more in taxes or miss out on tax savings or pensions and investment growth and opportunities. We all need a professional financial planner at some stages of our lives.