Around 23 per cent, are steadfast in their belief that they would never consider getting financial advice, even if it were provided for free, according to Canada Life and AKG’s ‘State of Flux’ report.
The report also found that the majority of persons in the UK (45 per cent) have not yet sought advice from a financial advisor.
Nearly 21 per cent of individuals who have not sought financial guidance feel that their wealth is not high enough to warrant speaking with an advisor.
Around 11 per cent of those who have not consulted a financial advisor do so because they do not trust them, and 9 per cent say they are afraid of using pushy sales tactics.
Canada Life managing director Tom Evans says: “Financial Planning Week marks an opportunity to discuss financial literacy and money management – and to address the advice gap. We are facing a pivotal moment where a significant proportion of UK adults say they aren’t willing to engage with financial advice and yet many share regrets later down the line for not doing so sooner.
“As an industry, we have a role to play in communicating the benefits of financial advice, and the value it has for consumers’ current and future financial success. Now is the time to be bold and challenge the current status quo.”
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