Majority of under-25s uncertain how to access advice

33% of adults are uncertain about where to access financial advice, rising to 51% for those aged 18-24, according to research from Openwork.

Related topics:  Finance News
Rozi Jones
17th January 2020
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"It is worrying to think that as we enter a new decade so many people don’t know where to access financial advice."

Its survey found that women (35%) were slightly more uncertain than men (30%) about accessing advice.

This is despite the growing need for advice, with more than a quarter of all adults surveyed (27%) saying that they don’t know if they are on target with retirement saving.

Despite a growing shift towards increased use of technology the overwhelming majority of adults (75%) would prefer face to face interaction with a financial adviser.

Over two thirds (67%) of adults agree that robo-advice might not be entirely appropriate for their specific needs, with both 18 – 24-year olds (71%) and 55 – 64-year olds (73%) saying that they are unsure about its benefits.

Mike Morrow, wealth and platform director at Openwork, said: “Despite the growing demand for expert financial advice it is worrying to think that as we enter a new decade so many people don’t know where to access financial advice.

“There are many helpful online tools such as The Pension Advisory Service, The Money Advice Service and Unbiased.co.uk, however much more needs to be done by the industry and the Government to help people access the financial advice they both need and deserve."

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