The research was undertaken to understand how UK consumers are planning for their financial futures. Unsurprisingly, 84% of 18 to 24 year olds say they have never sought financial advice. While you would expect this figure to decrease dramatically as people get older, a staggering 64% of those aged 25 to 34 say they have never sought advice.
Interestingly, this figure levels out to around 50% for those aged 35 and over. Worryingly, the levels do not decrease after this point suggesting that financial wisdom does not always come with age.
Marriage and family life also appear to be a deciding factor in whether to seek financial advice. Worryingly, 48% of those married or co-habiting with children admit that they have never sought financial advice. This is the very group that most needs advice, as individuals must plan for their dependant’s financial future, as well as their own. This figure rises to 53% of those co-habiting without children. However, a staggering seven out of ten (70%) of single people surveyed say they have never sought advice, rising again to 73% of those who are in a relationship but live alone.
There were also significant regional variations, with six in ten Londoners admitting that they have not sought advice. This rose to a shocking 65% in the midlands, followed closely by the West Country where 63% say they have not sought advice. Yet this did fall to 49% in Wales, followed closely by 47% in North Scotland; suggesting that the Scottish and the Welsh may have a thing or two to teach the English.
Out of all those who say that they have never sought advice, exactly half claim it’s because they do not think they have enough disposable income to make seeing an adviser worthwhile, which rises to more than two thirds (69%) in North Scotland, and (62%) in the West Country.
Overall, a fifth (20%) surveyed say that it is just too expensive to have an adviser. The second most cited reason is that individuals contacted their banks (16%) when they needed financial advice, and almost one in eight (12%) rely on friends and family for advice.
