More than 24 million Brits have never accessed financial advice

A third believe their personal situation is too simple to benefit

Jen Frost
clock • 3 min read

A total of 24.6 million people across the UK have never accessed financial advice or guidance, St James’s Place (SJP) research has found.

  Relevance was cited as the biggest barrier to Brits seeking out financial advice or guidance. A third (33%) said that their personal situation was too simple to require advice. Nearly one in ten (8%) said they were unaware of the potential benefits. Meanwhile, one in seven (14%) of those aged 18 to 34 and one in 20 (6%) over-55s felt it was either too early or too late to seek advice. "Financial advice and broader guidance can transform lives, but millions are not reaping the benefits because perceived barriers are holding them back," said SJP CEO Mark FitzPatrick. "Many believe ...

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

PA Asks: Should advice firms outsource protection?

PA Asks: Should advice firms outsource protection?

Plus, AI and regulation, corporate bonds, and your go-to garb

Professional Adviser
clock 07 May 2025 • 1 min read
Asset management M&A activity fails to deliver 'meaningful profitability improvements'

Asset management M&A activity fails to deliver 'meaningful profitability improvements'

M&A strategy not necessarily a winner

clock 06 May 2025 • 1 min read
Scottish tech firm takes control of Marlborough's IFA platform to drive 'next-gen wealth infrastructure'

Scottish tech firm takes control of Marlborough's IFA platform to drive 'next-gen wealth infrastructure'

The Marlborough Select Platform caters to advisers and their clients

Sahar Nazir
clock 06 May 2025 • 1 min read