Better industry collaboration essential to close advice gap - ILC

Only one in six people in the UK take advice

clock • 3 min read

The International Longevity Centre (ILC) is calling on the government, the industry and the regulator to work together to close the advice gap to ensure an extra five million people understand enough to plan for later life by 2030.

Its latest report, Peace of mind: Understanding the non-financial value of financial advice, said that only one in six people in the UK take advice, with particularly low uptake rates for women. However, those that do take advice can end up being £47,000 better off. Key barriers identified in the report, which is sponsored by St James's Place Wealth Management, include a lack of awareness of what advice is and a lack of knowledge of where to find an adviser. The ILC, a specialist think tank on the impact of longevity on society, wants the government, the industry and the regulator to ...

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 Your profession

Hitting milestones later in life could impact when people seek advice

Hitting milestones later in life could impact when people seek advice

People will likely be seeking financial advice later

Laura Suter
clock 19 April 2024 • 3 min read
Regulatory pressures taking a toll on industry stress levels

Regulatory pressures taking a toll on industry stress levels

'Regulatory pressures are the first thing on my mind’

Sahar Nazir
clock 19 April 2024 • 1 min read
Advisers blast FCA funding requirement of £755m 'inexorable'

Advisers blast FCA funding requirement of £755m 'inexorable'

‘I don’t really know what value I’m getting from the FCA – if any’

Hope Coumbe
clock 19 April 2024 • 2 min read