Almost half (49%) of UK adults have said they would like help in understanding how much they need to save for a comfortable retirement, EV has found.

In a survey of 2,000 UK adults by the financial technology firm, it was revealed that people aged between 18 and 34 are more likely to want assistance (79%).

However, a number of people in older age ranges have also stated that they would appreciate help (35-54; 58%, and 55+; 20%).

Those on higher incomes are more likely to want guidance on retirement saving, with three in five (60%) respondents with income over £50,000 wanting help.

There is also demand from people on incomes up to £20,000 (42%) and between £20,000-50,000 (47%).

Group innovation director at EV, Andrew Storey, said: "We often hear that young people and those at the lower end of the income scale are most at risk of falling into the advice gap, but our research shows the problem is more widespread. While some people are accessing support from professional financial advisers, many others are resorting to social media or not getting any help at all."

The firm also found that over two-fifths (42%) of respondents would like help with other aspects of their finances, including paying down their mortgage or investing more for the long term.

This was more prevalent in the 18-34 age bracket (72%), with half (50%) of those aged 35-54 also stating that they would like help.

EV revealed that friends and family (29%) and banks (20%) are the most popular sources of support. However, 10% of those surveyed are seeking help from social media, rising to nearly a quarter (23%) of those aged 18 to 34.

Over a third (36%) of those surveyed said they are not getting any help, increasing to more than two-fifths (43%) of those earning £20,000 or less a year.

Furthermore, the research asked about consumer appetite for digital tools to help with financial decisions and whether the availability of certain functionality would encourage customers to switch to a new provider.

It was found that tools for budgeting and saving for retirement were the most popular, 22% and 21% of respondents respectively stating that they would move their current account to a new bank or building society to access them.

Four in five (80%) of 18 to 34 year-olds said they would switch for digital tools, with almost half (49%) of those in the 35 to 54 age group stating that they would also switch accounts for these benefits.

Storey added: "The FCA’s current review of the advice guidance boundary will hopefully create opportunities for different types of support, and we believe there is huge scope for banks, building societies, pension providers and employers to offer flexible digital guidance tools that can support simple financial decision making, filling the current void and providing an important bridge to more detailed hybrid or traditional advice where needed."

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