Cynical about marketing? Think again – research for Openwork, one of the UK’s largest financial advice networks, has shown that despite the growing demand and need for financial advice, millions admit they do not know where to go for help.
Its nationwide study found that 43% of people do not know how to access advice and women are missing out the most. 62% of women surveyed said they wouldn’t know where to go for financial advice, compared to just 38% of men.
Despite claims that technology can help people with their financial decisions, the research found people prefer face-to-face advice: 71% say they are concerned that so-called robo-advice may not be entirely appropriate for their specific needs and 73% of adults say they would rather speak to a financial adviser.
As banks and building societies continue to close their high street branches, the issue of access to advice is set to grow and the research revealed a real need for financial advice.
26% of those surveyed said they had not started saving for retirement and 42% say they won’t start until they are aged 55-plus, leaving them with very little time to build up sufficient savings.
Just 20% have a target date for retirement and just 32% believe they will be able to retire by their target date. Around 20% fear they will never be able to afford to stop work.
Claire Limon, Director of Learning and Acquisition at Openwork, said:
“People are increasingly recognising the value of expert financial advice, but it’s worrying that they still aren’t sure about the best way to access it.
“As one of the UK’s largest adviser networks, we believe that face-to-face advice should be readily accessible to all. We commissioned the research to check our understanding of people’s attitudes to financial planning so that we can identify and start to break down the barriers that stop so many people seeking it.”
