Three in ten write off financial advice due to cost concerns

Other barriers include uncertainty and trust worries

Jen Frost
clock • 1 min read

Three in ten people who have considered financial advice have swerved it due to cost concerns, research has found.

The Lang Cat surveyed British consumers for its ‘The Advice Gap 2024' report, released Wednesday (3 July). Of the 13% who said they had considered advice but not utilised it, 30% said that costs had proved a key barrier. Cost concerns were most pronounced for those aged under 55, with fewer than one in four (24%) of over 55s citing that they were put off because advice was "too expensive". Other top reasons for not obtaining advice after considering it included that people were unsure where to find an adviser and a lack of trust in the profession. The Lang Cat research identified a...

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

Identifying financial coercion is part of Consumer Duty – PIMFA

Identifying financial coercion is part of Consumer Duty – PIMFA

‘If you’ve got concerns, you need to take some action’

Sophia Panayi
clock 21 May 2026 • 2 min read
Financial capability: Why advisers are central to the solution – and the opportunity

Financial capability: Why advisers are central to the solution – and the opportunity

Education is the most scalable growth strategy advisers have

Dan Russell
clock 21 May 2026 • 4 min read
Why FCA scrutiny of consolidator integration is growing

Why FCA scrutiny of consolidator integration is growing

A shift from acquisition strategy to integration capability

Isabel Baxter
clock 20 May 2026 • 6 min read