People aged over 55 have become more likely to use the internet when looking for financial advice than the under 24 year olds, according to research from Syndicate Asset Management.
The fund management group asked more than 2,000 people where they would seek financial advice and 14% of people aged over 55 would use the internet, compared to 12% of 18 to 24 year-olds.
People aged between 35 and 44 have become twice as likely than those under age 24 to use the internet, with 24% citing it as the first port of call when seeking financial advice.
John Morton, chief executive officer of Syndicate Asset Management, says: “There is a general misconception surrounding who uses the internet for financial advice. Traditionally it has been viewed as the young, the so-called ‘web natives’, but this research highlights the rise in ‘web-immigrants’, those who have not grown up with the web, utilising the internet.
“The market is evolving and demand for generic financial advice rising, as well as the increase in products available, companies that are targeting the over 34 year-olds need to make sure they are making the most of the online tools available.”
The research also shows 71% would not consider buying a financial product, such as an ISA or a pension, unless they had more than £10,000.
Morton says: “It is surprising that so many people still think you need ten of thousands of pounds in order to invest money to make more money. Something as simple as an ISA entitles every Brit to up to £7,000 tax free saving every year, a lot better than cash simply sitting in the bank.”
The survey also shows 43% of people aged under 24 would ask friends and relatives for advice and only 10% would go to an IFA.
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