Financial advice has a direct impact on the level of savings people make, and could be the key to solving the savings crisis claims new research from Standard Life.
Research carried out by Experian, on behalf of Standard Life, show that 26-65 year olds who don’t have regular contact with an adviser are a third less likely to save regularly compared to those who do.
And of the 1,506 respondents, 71% claim not to have a continuing relationship with a financial adviser, while over the last year, 32% of those questioned believed they had saved less than they did a year ago.
Simon Douglas, managing director of marketing at Standard Life, says the link between advice and savings is clear, but that it is disturbing how many people are not making regular savings and not seeking help from a financial adviser.
He adds: “But looking ahead people appear more optimistic. People are positive about saving in the future with 36% expecting to save more in the next year. Yet two thirds of those in their mid-forties and onwards are not getting financial advice, at a time in their lives when many are starting to accumulate wealth. This is a big opportunity for the adviser market.”
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Annuity market worth £4bn in 2017
For ‘distress’ caused
Oversees £30bn of advised and D2C assets
Less than a third of top paid employees are women
£1bn business since inception