MAS: No financial advice for half of population

clock

More than half of the UK population has never received financial advice or cannot recall receiving any, research from the Money Advice Service (MAS) has suggested.

A survey commissioned by the organisation found that 52% of adults admitted to never receiving or could not recall if or when they last received advice about managing their own money and everyday finances. This would equate to 25.6m people, with a further 21% (10.3m) not receiving any advice in the last year. Of those who did receive advice, 32% said it came from a financial adviser not connected with their bank or building society. Meanwhile, 28% received their advice from a bank or building society. The MAS pointed out that its survey did not take into account the difference betw...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read