As the UK’s Financial Planning Week kicks off, Canada Life and AKG’s ‘State of Flux’ report reveals that nearly half (45%) of UK adults have never seen a financial adviser.
Over a fifth (23%) say they could not be swayed to get financial advice no matter the circumstances, and even if the advice was free.
21% of those who are not engaged with advice say they do not believe they have enough wealth to warrant seeing an adviser
More than a tenth (11%) of those who do not receive advice do not trust financial advisers and 9% are ‘afraid of pushy sales techniques’
However, 12% regret not seeing an adviser and as a result, 35% are worried they do not have enough money to fund retirement now, 31% have underestimated the impact of inflation and 31% have lost money because they did not seek advice.
Tom Evans, managing director, Retirement, 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.
“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.”
