£500,000 'tipping point' for over-50s to seek advice - research

One in five 'would never take advice'

Sophie King
clock • 2 min read

Many over-50s reckon they need a £500,000 "windfall" to make financial advice worthwhile, research by The London Institute of Banking and Finance and Seven Investment Management (7IM) has suggested.

The survey of more than 2,000 UK adults found that, while just half (53%) of Britain's over-50s felt well-prepared for retirement and two-fiftths (38%) said they worried about it, most believed they needed a significant sum of money in order to seek advice. Women were more reluctant than men to consult an adviser, according to the research ­- the advice tipping point for most men was £499,171, but it was £544,249 for most women. The findings also showed nearly half (47%) of those who shunned professional advice thought they could look after their money, with another 28% saying they di...

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