Public still unsure how to access advice

By Justin Cash

Go to the profile of Money Marketing
Jun 13, 2019

More than two in five members of the public do not know how to access advice, new research indicates.

The study of other 1,000 adults by a research firm on behalf of Openwork suggests that despite the growing demand for financial planning, millions could be missing out because they do not know where to go to for help.

Women are most affected by the knowledge gap, with 63 per cent saying they wouldn’t know where to access financial advice, dropping to 38 per cent for men.

Face to face still triumphs as a preferred method of accessing advice, however, with 73 per cent saying they would rather speak to a financial adviser and 71 per cent worried that robo-advice might not meet their specific needs.

The survey covered adults aged 18-plus, of which a quarter said they had not started saving for retirement. Only a fifth had set a target retirement date, and only a third think they will meet that date.

Openwork director of learning and acquisition Claire Limon says: “People are increasingly recognising the value of expert financial advice, but it’s worrying that they still aren’t sure about the best way to access it.

“We commissioned the research to check our understanding of people’s attitudes to financial planning so that we can identify and start to break down the barriers that stop so many people seeking it.

“There is already massive unmet demand for face-to-face advice, and we want more advisers to join us, and more people to start a career in financial planning with us, so that we can meet it.”

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