New Thoresen Review research reveals consumers are more concerned about saving than any other advice service.
A 12-week trial, conducted by A4e as Money Fitness and Consumer Direct (with the Citizens Advice Bureau), tested 5000 people on the generic financial advice (GFA) service.
The trial, which will form part of Otto Thoresen’s ongoing GFA review, showed A4e’s Money Fitness service took more calls on savings, including retirement saving, than any other subject. Savings and investment queries accounted for two thirds of web-based enquiries.
The research also revealed GFA can prompt people to take up further advice, with 80% taking up at least one follow up action and one in five talking to a new financial products supplier within a week.
GFA is not just relevant to low-income groups, with the research showing people with household incomes over £40,000 were just as likely to call Consumer Direct as people with household incomes below £20,000.
The majority of people calling the Money Fitness line were aged between 26 and 35, with 50% attracted to the service through newspaper articles or advertisements.
Otto Thoresen’s final recommendations to Government are due in early 2008.
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From 6 April 2019