A quarter of UK adults lack confidence in accessing trustworthy advice

More than one in four (26 per cent) adults in the UK do not feel confident about how or where they could access trustworthy financial advice if they needed it, research from Opinium has found.

Around one in seven (14 per cent) said they knew they needed financial advice but had not taken any steps to access it, rising to 22 per cent among Generation Z.

A quarter (25 per cent) of UK adults were worried about their finances, but just 5 per cent had accessed independent financial advice since the beginning of the year.

A further 5 per cent were actively looking into accessing financial advice, while 10 per cent were already receiving advice.

Half (50 per cent) of UK adults felt they did not need to access independent financial advice.

However, this fell to 27 per cent among people in Generation Z, which Opinium said highlighted the clear demand for advice among younger generations.

Among people who believed they needed financial advice but had not accessed it, 33 per cent cited concerns about the cost of advice, while 23 per cent were unsure what kind of adviser they needed.

The same proportion (23 per cent) did not know any financial advisers, 21 per cent were unsure what to ask an adviser, and 21 per cent said they did not have time to look into it.

More than a quarter (27 per cent) said they would still need to access paid independent financial advice even if they could access targeted support, rising to 40 per cent among Generation Z.

“The start of the year has prompted many people to take stock of their finances, but our findings highlight a notable advice gap,” commented Opinium research manager, Matthew Howlett.

“While a significant number recognise they need financial advice, many have yet to take the next step, often due to uncertainty around cost, where to start, or who to trust.

“This is particularly pronounced among younger adults, who show both higher levels of concern and greater openness to seeking advice.

“Overall, the data paints a picture of rising financial awareness, but with too many barriers still standing in the way of action.”

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