Over a quarter of adults would invest up to £50,000 without professional advice

More than one in four (26 per cent) adults in the UK would feel comfortable with investing up to £50,000 without seeking professional financial advice, research by YouGov for Mattioli Woods has shown.

Mattioli Woods said the findings highlighted a concern between investors’ fears about their financial futures and their approach to making financial decisions, with 44 per cent saying they did not feel financially prepared for the future.

One in three (30 per cent) said they would seek professional advice for all financial decisions, while 21 per cent felt comfortable making pension and retirement decisions without guidance.

When facing an impactful financial decision for the future, 31 per cent would seek input from a professional financial adviser.

Those aged 55 and over were more likely than younger generations to turn to an adviser for guidance.

Family and relatives were the most popular option when seeking input on financial decisions, with 41 per cent of respondents turning to loved ones.

One in 10 (10 per cent) said they would make financial decisions on their own, without external guidance.

When asked about threats to their long-term financial health, 40 per cent of adults cited concerns about rising costs and housing expenses, 39 per cent were worried about health or long-term care costs, and 33 per cent were concerned about being unable to work or losing income.

On average, respondents believed people should start planning for their long-term financial future at the age of 28 and a half, rising to 30 among those in London and Wales.

Mattioli Woods said the research highlighted a gap between recognising the importance of long-term financial planning and seeking professional advice when navigating significant financial decisions.

“Our research highlights that UK adults recognise the importance of planning for their financial future and taking steps to prepare for it,” said Mattioli Woods managing director of wealth, Amit Joshi.

“It is understandable that people turn to family and friends when faced with an important financial decision.

“However, decisions around investments, pensions and long-term financial planning can have unanticipated and significant consequences that last decades.

“With tax, pension and inheritance rules continuing to evolve, professional advice and expertise can help people understand their options and make informed decisions based on their individual circumstances and long-term goals.”

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