A quarter of UK adults would not take any financial advice – even if it was for free, an investment service finds.
Also, nearly half (45%) have never had any contact with a financial advisor, with a fifth (21%) feeling they do not have enough wealth to justify seeing one.
Further reasons to reject professional advice in AKG’s State of Flux report included a lack of trust (11%) and a fear of ‘pushy sales techniques’ (9%).
However, over a tenth (12%) of the 2,000 respondents regretted not getting financial help, while a third (31%) have lost money because of missing out on advice.
The impact of that decision has led to a third of people worried they don’t have enough money to retire.
This week, YourMoney.com highlighted the best ways to financially prepare for the transition into retirement, whatever stage in life you are at.
With life expectancy increasing, contributing to a pension scheme early in your career gives you the best chance to lead a comfortable life once you retire.
Canada Life sponsored the State of Flux report to coincide with Financial Planning Week on 22 January. The initiative by the Chartered Institute for Securities & Investment (CISI) encourages adults to think about and make sound economic plans for their future.
‘We are facing a pivotal moment’
Tom Evans, managing director at Canada Life, said: “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.”
Evans added: “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.”
