A third of people believe they do not have enough wealth for an adviser to help them, according to research from advice network Intrinsic.
In a July survey of 1,400 UK adults over the age of 35, the firm also found that 31 per cent feared paying for something they did not need.
And 30 per cent said they believed advisers may be biased towards certain products, while 19 per cent were unsure which advisers to trust.
Intrinsic chief executive Richard Freeman says the figures show the challenge of demonstrating the value of advice.
He says: “To many people, paying for advice can feel like a fee to shelter themselves from tomorrow’s problems. As a result, some put off taking advice or choose not to take it altogether.”
The Old Mutual owned network also found that 37 per cent cited the cost of advice as a deterrent to seeing an adviser.
And of 726 people who had never been to see an adviser, 44 per cent said they would not be prepared to pay a fee, while a further 15 per cent said they would only pay up to £249.
The findings echo a June survey from Platforum, which asked 252 active investors how much they would pay for advice, with 49 per cent stating that they would pay less than £500.
The survey comes as the Government launches its Financial Advice Market Review to assess the availability and affordability of advice.
The Treasury and the FCA published a consultation on the topic earlier this week, and will be taking evidence until 22 December.