Half of Brits against financial advice

Almost half of adults in the UK are opting against speaking with an adviser to plan their finances, according to a new Sanlam UK report, titled What’s your Number?

The report revealed 48% of UK adults are against speaking with financial advisers, and that 44% of those that haven’t spoken to an adviser also believe they can manage their finances themselves.

Sanlam also highlighted that 55% of savers had admitted they’d had doubts about their ability to retire when they wanted to – with an estimated 40 million UK adults, or 77% of the country, having not set a target for their retirement savings.

Sanlam head of UK intermediaries distribution, Lawrence Cook, commented: “In this age of accessible information, the temptation is to think that all the answers to problems we face can be found online.

“When it comes to retirement, the real task lies in identifying the right questions to ask. Holistic financial planning is about so much more than tactical advice, and most will naturally be unaware of the financial planning strategies that can help them reach their financial goals.

“Where the real value that an IFA can add now comes in their ability to engage in relationships with their clients, understanding the issues they face and helping them consider their whole financial universe to create a plan that can help them achieve their goals.”

The report revealed that older generations were the least likely to have spoken with a professional – with 51% of over-65s saying they’d never taken any financial advice, and 57% suggesting this was because they could do it on their own.

Sanlam said that almost half of those going it alone were not turning to any other sources to plan their financial decisions, and of those who did, the most common source of information was speaking to family members, at 26% of surveyed adults.

The results, however, showed differences between those who had received advice and those who hadn’t. Sanlam revealed that advised clients were twice as confident about being able to retire how, and when they would like to, with 59% suggesting this, against 30% of non-advised adults.

Cook added: “At the heart of the problem, many are simply crossing their fingers – in some cases burying their heads in the sand altogether.

“The truth is the majority – 55% – have doubts they will be able to achieve the retirement they want. The fact remains that proper, robust financial planning is the best way to ensure you can achieve your financial goals in a smooth and timely way.”

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