Openwork research shows that despite a surge in robo-solutions in the advice market, consumers still prefer face-to-face advice when it comes to planning their financial future.
The study by the network shows that 71 per cent of people surveys have concerns that robo-advice may not be “entirely appropriate” for their financial needs.
Nearly three-quarters of respondents (73 per cent) would prefer to receive face-to-face advice, in spite of robo-advisers providing a lower cost option for accessing advice.
It shows that younger people are more supportive of robo solutions, with 44 per cent of under 25s having no concerns of whether it may or may not be appropriate for their needs.
Openwork’s director of learning and acquisition Claire Limon says: “It is clear that robo-solutions are becoming increasingly advanced. However, consumers are still unsure it is right for their financial needs and do not feel that it can substitute human interaction, speaking with a qualified and experienced adviser”.
The research was conducted with 1,014 adults.