Research from unbiased.co.uk shows that at a time when consumer finances are under increasing pressure from rising inflation and low interest rates, many are struggling.
Topping the list of financial issues currently troubling consumers are savings (39%), followed by personal retirement planning (29%). Around 41% of 18-34 year olds and 43% of those aged 55 and above said that savings were their biggest concern, while pensions most plagued the middle generation (38%). Mortgage arrangements worried 14%.
Yet it seems that consumers remain reluctant to take action to sort out their finances; 38% of those who are concerned about their finances admitted that they hadn't taken any action to help their situation, the worst culprits being 35-54 year olds where 41% haven't done anything to address their financial concerns, compared to a third (33%) of 18-34 year olds.
However, almost a quarter (23%) of consumers believe that they do not have any concerns whatsoever about their current personal finances.
Data from unbiased.co.uk's ‘find an IFA' service shows that retirement planning is the most in-demand area of independent financial advice, driving 38% of consumer searches. Investment and savings advice followed closely behind accounting for over a quarter (26%) of searches.
Karen Barrett, Chief Executive of unbiased.co.uk, commented: "The current economic outlook is uncertain and as our research shows there are some real financial concerns for consumers right now. The real issue though is the fact that people are still apathetic about their finances despite this.
"Worrying won't sort out your finances but seeking professional advice from an independent financial adviser (IFA) can and will help to reduce those concerns.”
