The independent research commissioned by Paymentshield also claimed only 26% of people have reviewed their finances with a professional in the last two years.
Paymentshield said Brits are taking a significant risk with this lack of advice, especially in a shaky economic environment where job security is questionable and mortgages are hard to get.
Neil Galjaard, insurance director at Paymentshield, said: “These figures from the survey are pretty startling. It appears that members of the public are making decisions based on their own assumptions, which may put the customer at more risk.
“Savings, borrowing and insurance needs can be complex, so it is imperative that people sign up to the policy and arrangement that suits them.
“Just because a solution might work for one person, doesn’t mean it will be right for another. We advise anyone to seek out some expert advice, as everyone’s financial circumstance is very different, and in a turbulent economic climate the risk of financial change is even higher.”
