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Consumers fail to seek financial advice

Consumers fail to seek financial advice

Category: Money

Updated: 27/06/2013
First Published: 27/06/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

In an age of ongoing uncertainty and a general air of mistrust towards banks, you may be forgiven for thinking that a larger number of people are keen to gain advice from a professional financial adviser.

However, this doesn't appear to be the case, according to a study by All About Money, which found 48% of people have never sought advice on financial services or products.

The survey of around 2,000 UK adults found those aged over 55 are the least likely to seek advice, with around 85% of people in this age group admitting that they preferred to "go it alone" when taking out products. Just 20% of people approaching retirement age claimed they had sought help from an independent financial adviser.

In contrast, 64% of 18-24 year olds were keen to gain advice about what their financial options were. In 30% of these cases, youngsters had turned to Mum and Dad.

Whilst it comes as little surprise that many young people are seeking advice from their parents, the study revealed a rather worrying number are also relying on the words of work colleagues, neighbours and even regulars down the local pub when looking for financial advice.

Around 20% of respondents aged between 18 and 24 would seek help about their finances from friends, whilst over 8% would follow the advice of a fellow employee.

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