The financial advice profession has to collaborate more to promote the value of advice as a study finds one third of people shy away from taking advice due to concerns about trust.
The findings come from a detailed look at the nation’s wealth and debt in research commissioned by Open Money and conducted by the Lang Cat.
The study The UK Advice Gap: Are Consumer Needs For Advice And Guidance Being Met? asked respondents who had not paid for advice in the last two years how likely they were to do so in future.
Ten per cent said they were likely to pay for financial advice while 77 per cent answered not likely.
Some of the most common reasons for not taking advice included being unsure if they could trust the advice (31 per cent), or being unconvinced it would save them money (35 per cent).
Open Money chief executive Anthony Morrow says: “It is clear that many more people would benefit from taking financial advice and the reasons why they don’t are not as straightforward as it being too expensive, or individuals not having enough money.
“Bridging the advice gaps requires the financial services industry to work together with financial guidance organisations and a wide range of bodies including the government, FCA and local government to promote the benefits of financial advice.”