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IFAs &#39failing to reach young, single people&#39

Young and single people lack awareness of the benefits of independent

financial advice, according to national IFA RJ Temple.

Its research found that people under 25 and those without partners

are more lik-ely to seek advice from a bank, friends or colleagues

than from an IFA when making important financial decisions.

Temple says the research suggests the FSA&#39s proposal to scrap

polarisation will make it even harder for IFAs to make independent

advice available to lower-income people – often the young and single

– because its benefits will become even less clear.

Temple fears that unless IFAs can reverse this trend, they will be

faced with a shrinking pool of people seeking advice.

Its survey, which questioned more than 650 people, found that just 17

per cent of men under 25 would go to an IFA for advice compared with

24 per cent of women in the same age bracket. Thirty-four per cent of

single men and 25 per cent of single women said they would seek

independent advice.

Communications manager Liz Walkington says: “The research clearly

shows IFAs are not the first point of call for the young and single

in need of financial advice, probably because they are not aware of

the services IFAs can offer.

“Without polarisation, these benefits are likely to become even less

clear. IFAs need to get their message across urgently if they are not

to see their market shrink over time.”

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