Over one in four (26%) UK adults would feel comfortable investing up to £50,000 without speaking to a professional financial adviser, despite 44% saying they do not feel financially prepared for the future, Mattioli Woods has revealed.

The wealth management firm’s research revealed a “notable concern” between UK adults’ fears about their financial future and their approach to making significant financial decisions.

While 30% would seek professional advice for all financial decisions, 21% would feel comfortable making pension and retirement decisions without guidance, leaving a significant portion of UK adults without impactful advice.

Respondents stated that when facing an impactful finance decision for the future, 31% would turn to a professional financial adviser, notably, those aged 55 and over are more likely to turn to an adviser for guidance.

However, 41% said they would reach out to family and relatives, followed by turning to a bank or building society, then friends or colleagues. Meanwhile, 10% said they would make the decision themselves.

Mattioli Woods revealed that UK adults identified several significant threats to their long-term financial health, with 40% fearful of rising costs and housing expenses.

A further 39% are worried about unexpected health or long-term care costs, while 33% are concerned about being unable to work or losing income.

Managing director of wealth at Mattioli Woods, Amit Joshi, stated: "Our research highlights that UK adults recognise the importance of planning for their financial future and taking steps to prepare for it. People believe they should start preparing for their long-term financial future at an average age of 28.5. Despite these realisations, more than one in four say they would feel comfortable investing up to £50,000 without speaking to a professional financial adviser.

"At the same time, almost half of UK adults say they do not feel financially prepared for the future. Our research also highlights that those 55+ are more likely to seek professional advice. The concern, however, at seeking advice later on in life is the limited time to develop financial security, so we encourage individuals to start planning earlier with an adviser.

"It is understandable that people turn to family and friends when faced with an important financial decision. However, decisions around investments, pensions and long-term financial planning can have unanticipated and significant consequences that last decades. With tax, pension and inheritance rules continuing to evolve, professional advice and expertise can help people understand their options and make informed decisions based on their individual circumstances and long-term goals."

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