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Most people don’t know if financial advice is worth the money

Person with question mark
  • On average, people think they need investments of £117,000 to make it worth paying for financial advice.
  • Almost half (46%) of people don’t know how much money they’d need in order to make paying for advice worthwhile.
  • If they needed help with understanding their finances, 22% of people would turn to a parent and 15% to a partner.

Data from a survey of 2,000 people by Opinium for HL in October 2020

Sarah Coles, personal finance analyst, Hargreaves Lansdown comments:

“Most people haven’t a clue whether it’s worth paying for financial advice. When asked to guess, we imagine we’d probably need around £117,000 to make it worthwhile. It helps explain why so many people who could benefit from advice are reluctant to take it.

People tend to turn to advisers when things get too complicated, when the amount of money at stake means they’re worried about making a mistake, or when they just don’t have the time or inclination to do things themselves.

Before weighing up whether advice is worth the money, Coles stresses that it’s important for clients to understand how advisers charges for their services.

 

 

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