Half of people would not consider taking advice - Hargreaves Lansdown

Half of 2,000 people surveyed by Opinium, on behalf of Hargreaves Lansdown, would consider seeking financial advice, with the other half citing the expense and length of commitment as the main reasons for not wanting to do so.

Of those who did not think they would ever take advice, a third (35%) said it was because they already knew what they were doing, a similar number (29%) said it was too expensive and 28% said they lacked enough money to make it worthwhile.

Additionally, 21% of those not seeking advice cited their lack of trust in advisers as a reason and 7% dismissed advice for fear of long-term commitment.

Those reasons are predicated on false assumptions about financial advice, according to Hargreaves Lansdown. Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: "Financial advice myths could be costing us dear.

"Only half of us would consider the possibility of taking advice, and while it's not going to be right for everyone at every stage in life, there's a risk that an awful lot of us are being led astray by assumptions and misunderstandings about what's involved."

For instance, the expense of financial advice is dependent on the service offered, and can be brought down by not opting for a full financial review if it is unnecessary, the platform business said.

Dispelling the assumption that enormous wealth is needed to access advice, Hargreaves Lansdown highlighted the different requirements for different advisers, with some needing a certain level of assets while others simply charged a minimum fee.

Hargreaves Lansdown also pointed to the need for trust in an adviser, requiring a search for "the right person, from the right company." A long-term commitment was also not necessarily required by advisers, it said, as they can help build a plan or investment portfolio, which can be managed alone once established.

The survey also found those seeking financial advice cited general help with finances as a primary reason, followed by wanting to plan their retirement income, and wanting help with investment. Additionally, younger people were found to be more likely they are to consider taking advice at some stage, with 58% of those aged 16-24 considering it, along with 56% of those aged 25 to 44.