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More than half population has never taken financial advice

More than half the UK population has never sought advice from a financial adviser, research by Zurich has revealed.

The study found that 57 per cent of UK adults have never taken financial advice and 20 per cent of respondents say this is because it is too expensive.

Also among those not taking independent financial advice, 16 per cent of people said they contacted their bank directly for financial guidance and 12 per cent of people said they depend on friends and family.

Unsurprisingly, in the 18 – 24 age group, 84 per cent have never sought financial advice, but even aged 35 and over, 50 per cent of respondents had never seen a financial adviser.

Zurich director of life marketing Tony Solomon says: “Today’s volatile markets present both a challenge and an opportunity to financial advisers to add real value and to demonstrate their expertise.

“With the burdening debt crisis and current economic situation, people need financial advice now more than ever; yet an alarming 71 per cent of individuals are not even considering reviewing their finances.”

He adds: “We believe the challenge for the future lies in promoting the importance of financial advice, especially to the younger generation who might not realise the value it offers.”

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