Advisers and providers 'least influential' on consumer saving, research

People listen to social media and 'consumer champions'

Tom Ellis
clock • 2 min read

Financial advisers and the pensions industry have the least influence on individuals' attitude towards retirement saving, research from The Wisdom Council has said.

The research found people were more likely to listen to personal experience and the advice of people around them than a financial adviser when it came to deciding about their later life savings. This was because of a perceived lack of good professional advice, the consumer insight specialist said. It had polled 380 active investors across a range of ages, genders and levels of financial sophistication. Those least financially educated also felt they were being held back from saving by a lack of financial capacity and the cost of advice. But just one-quarter (25%) of the group claimed ...

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