Public still unsure how to access advice

More than two in five members of the public do not know how to access advice, new research indicates.

The study of other 1,000 adults by a research firm on behalf of Openwork suggests that despite the growing demand for financial planning, millions could be missing out because they do not know where to go to for help.

Women are most affected by the knowledge gap, with 63 per cent saying they wouldn’t know where to access financial advice, dropping to 38 per cent for men.

Face to face still triumphs as a preferred method of accessing advice, however, with 73 per cent saying they would rather speak to a financial adviser and 71 per cent worried that robo-advice might not meet their specific needs.

The survey covered adults aged 18-plus, of which a quarter said they had not started saving for retirement. Only a fifth had set a target retirement date, and only a third think they will meet that date.

Openwork director of learning and acquisition Claire Limon says: “People are increasingly recognising the value of expert financial advice, but it’s worrying that they still aren’t sure about the best way to access it.

“We commissioned the research to check our understanding of people’s attitudes to financial planning so that we can identify and start to break down the barriers that stop so many people seeking it.

“There is already massive unmet demand for face-to-face advice, and we want more advisers to join us, and more people to start a career in financial planning with us, so that we can meet it.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Slightly inaccurate. The actuality is that the public don’t know where to go for advice the don’t have to pay for. Those prepared to pay don’t have a problem in finding advice sources.

  2. Totally correct. Financial advice is intangible and sometimes difficult to assess the worth of, until taking a dose of it stops you making terrible unchangeable mistakes.

  3. Julian Stevens 11th June 2019 at 2:05 pm

    Says Claire Limon: “We commissioned the research to check our understanding of people’s attitudes to financial planning so that we can identify and start to break down the barriers that stop so many people seeking it.” Here are three barriers:-

    1. Cost. But nothing worth having is free.

    2. Lack of trust.

    3. Lack of confidence in the competence of the industry’s regulator to identify, home in and root out bad practice (see 2 above).

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