1 in 4 adults snub monetary recommendation


Practically one in 4 UK adults (23%) say they might by no means search monetary recommendation, even when it was free.

The findings seem in new analysis to coincide with the launch of Monetary Planning Week 2024 which kicks off on Monday.

The analysis suggests widespread shopper avoidance {of professional} monetary recommendation and important numbers of shoppers who say they don’t need or can not afford monetary recommendation.

A research from Canada Life and consultants AKG – ‘The State of Flux’ – reveals:

• Practically half (45%) of UK adults have by no means seen a monetary adviser 

• Practically one in 4 (23%) say they might not be persuaded to get monetary recommendation irrespective of the circumstances and even when the recommendation was free

• 21% of those that will not be engaged with monetary recommendation say they don’t consider they’ve sufficient wealth to warrant seeing an adviser

• Greater than a tenth (11%) of those that don’t obtain recommendation don’t belief monetary advisers and 9% are ‘afraid of pushy gross sales methods’ 

Regardless of the antipathy, 12% says they’ve regretted not seeing an adviser and 35% are fearful they don’t have sufficient cash to fund retirement.

Some 31% says they’ve underestimated the influence of inflation and 31% have misplaced cash as a result of they didn’t search recommendation. 

Tom Evans, managing director, retirement, at Canada Life, mentioned: “Monetary Planning Week marks a chance to debate monetary literacy and cash administration – and to deal with the recommendation hole. We face a pivotal second the place a major proportion of UK adults say they aren’t keen to interact with monetary recommendation and but many share regrets later down the road for not doing so sooner. 

“As an business, we now have a task to play in speaking the advantages of monetary recommendation, and the worth it has for shoppers’ present and future monetary success. Now could be the time to be daring and problem the present establishment.”

Monetary Planning Week, the CISI-backed, consumer-focused annual shopper marketing campaign to unfold consciousness of excellent Monetary Planning, will launch this yr on Monday and run till 28 January.

The occasion is historically held every year in October however was pushed again to mid-January, “as many shoppers shall be specializing in their funds after Christmas and contemplating finish of yr tax planning,” in line with the CISI Monetary Planning Discussion board Committee.

The CISI has requested the UK Monetary Planning group to help the occasion by rising consciousness of the advantages of professionally-qualified Monetary Planning.

The 2024 UK Monetary Planning Week will give attention to busting myths round Monetary Planning and inspiring conversations about private funds.

A serious focus this yr shall be to persuade shoppers of the significance of discovering knowledgeable, certified Monetary Planner to assist them take management of their funds.

The CISI’s discover a Monetary Planner Wayfinder web site shall be accessible at www.financialplanning.cisi.org.

The CISI needs the Monetary Planning group to be concerned by posting utilizing the #FPWUK social media consciousness marketing campaign and sending in ideas, instruments or guides to This e-mail deal with is being shielded from spambots. You want JavaScript enabled to view it..

• Is your agency participating in Monetary Planning Week? Tell us what you’re doing by emailing our newsdesk: This e-mail deal with is being shielded from spambots. You want JavaScript enabled to view it..


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