Consumers are overwhelmingly unwilling to pay for fee-based financial advice, according to a YouGov poll, with some expecting to pay as little as £10 per hour.
A survey of 2,031 consumers on behalf of BlackRock found only 35% were willing to pay an explicit fee, with an average of £45 per hour.
Some were only prepared to pay £10 per hour, a fact head of EMEA product development Stephen Crocombe said was wholly unrealistic.
"You can't get guttering cleaned or a haircut for that price," he said.
The Retail Distribution Reivew (RDR) may encourage more consumers to pay for advice: 21% said they would be prepared to pay for advice if there was "an open and transparent charging structure"; 21% if their adviser could prove they were sufficiently qualified; and 27% if they could be confident the advice given was fully independent.
However, 52% of those not currently receiving advice said they would never be prepared to pay for it.
Consumers were also overwhelmingly risk-averse, according to YouGov, piling into cash despite a pensions shortfall.
Many are in a "state of shock" from the financial crisis, with 36% of respondents increasing their cash holdings.
Only a fifth were willing to take higher risks to achieve higher returns - "a pretty stunning number," Crocombe said.
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