The number of people using professional advice has increased by 11% in the past 12 months.
The research also found that nearly half do not always understand product features, posing a risk that people might buy inappropriate products.
In addition, the survey also found that 75% of people felt confident choosing between some financial products, but would want to use a financial adviser for more complex products and areas such as retirement planning.
Andy Leggett, insight analyst for wealth management at Defaqto, said: “It is important for people to plan for their financial future to ensure that their and their dependants’ needs will be met. One of the most important areas people need to think about is retirement planning.
“However, with fewer than one in every four under 35s having a pension our research indicates that many people are failing to plan at all for retirement. Furthermore, it shows they often struggle to understand financial products, particularly pensions.
“This highlights the importance of independent advice and information to support people in making the right decisions for their financial futures.”
Nick Cann, chief executive officer of the Institute of Financial Planning, said: “It’s clear from Defaqto’s research and from research that the IFP has done that many Britons face an uncertain future because they’re not taking control of their finances.”
