Consumers think they would be saving £134 a month more if they had financial advice, survey of over 1,000 people has found.
The Nottingham Building Society commissioned research shows that 21 per cent of adults say they aren’t saving as much as they could without advice, and are losing out on around £1,600 a year as a result.
Among savers under 35, nearly a third say lack of advice is holding them back from saving, compared to 12 per cent of over 55s.
Many have struggled to get advice, however, with 20 per cent reporting access issues for savings advice and 11 per cent for investment advice.
Nottingham chief executive David Marlow says: “It is very worrying that people are missing out on saving and investing simply because they struggle to get independent advice.
“The recent rate rise and increased competition among providers means there is more choice than ever but at the same time people clearly need more help to decide what is right for them and their individual circumstances.”
As more banks are looking to re-enter the advice market, Nottingham warns that branch closures could stop some getting advice.
Marlow says: ”Branch closures are making it difficult for savers to get the advice they need to make major financial decisions. As a mutual building society, we have a significant role to play in helping members to plan for the future which is why we are expanding our branch network and providing our unique combination of advice and service all available under one roof.”