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Over 70 per cent support proposals for generic advice

Over 72 per cent of people support proposals for a new generic financial advice service, with only 7 per cent opposing this, according to research commissioned by the Resolution Foundation.

The research undertaken by YouGov also found that 53 per cent of people said they would be likely to use a generic advice service at least once a year, with 35 per cent likely to use it at least every few months and only 11 per cent saying they would never use it.

Just under 50 per cent of people who expressed a view said they would prefer an independent organisation to run the service, rather than the Government or providers.

On the basis that the service is run by an independent organisation, 49 per cent of people who expressed a view said they supported a public-private funding arrangement between the Government and the financial services industry, in preference to it being paid for solely by the Government or the industry.

The survey of 2,010 adults also found that people on low to moderate incomes are nearly 40 per cent less likely to use an independent financial adviser than those on higher incomes.

In a new report also published today, the Resolution Foundation is highlighting the opportunity for the Government to earmark funding in the forthcoming Comprehensive Spending Review to help deliver the new advice service, following the publication of the Thoresen Review’s recommendations in the new year.

The Resolution Foundation has previously published research showing that greater access to financial advice could leave young people on low to moderate incomes £60,000 better off by the time they reach 60 and deliver welfare savings of £100 million within 10 years.

Resolution Foundation Chairman Clive Cowdery says: “This poll demonstrates how many people worry about their finances and their children’s financial futures. It shows that people support plans to increase access to financial advice, strongly endorsing the work of the Thoresen Review.”

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Sam Shaw is a reporter on Money MarketingUsually, the thought of working on a Saturday fills me with dread but when it involves sitting in the sunshine at Twickenham courtesy of the wonderful host (and Facebook virgin) Rick White, one cannot really complain. Thank you to the Invesco Perpetual lady whose Clinique sun cream I […]

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