Almost 40% of adults would 'never' seek financial advice

Nicola Brittain
clock

Almost 40% of UK adults would "never consider" using a professional financial adviser, a study commissioned by the Financial Services Authority (FSA) suggests.

A survey of 2,026 over-18s found that 38% would never think to seek regulated advice. This was a higher proportion of those who would consider professional guidance: some 32% of respondents. From the same sample, 17% are currently taking financial advice, while 13% said they did not know what they would do. The study conducted via the TNS CAPI Omnibus also suggests many consumers continue to be believe financial advice is free - including from those who are currently receiving it. When asked how, if at all, people pay for advice, a third (33%) said they did not think there was a ch...

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 RDR

RDR ten years on: An advice industry changed for the better
RDR

RDR ten years on: An advice industry changed for the better

'The end of the advice industry as we know it'

Kevin Silvester
clock 08 February 2023 • 2 min read
RDR

Deja vu: Are we heading back to the future on commission?

Marty, fire up the DeLorean

Tim Sargisson
clock 13 January 2016 • 3 min read
RDR

Blog: How can we shrink the advice gap?

The advice gap has been a popular topic since the Retail Distribution Review, but hasn't this gap always existed?

clock 02 November 2015 •