Pandemic prompts one in four into seeking financial advice

Just over a quarter (27%) of UK adults have indicated that the pandemic has prompted them to seek financial advice, according to new research from MetLife UK.

The study, which looked at consumer views of the housing market, as well as attitudes, behaviours and experiences of those who have purchased or are in the process of purchasing a property, found several differing reasons for those not seeking financial advice.

MetLife revealed that although 38% of people don’t intend to, 5% can’t afford to, 9% haven’t decided yet and 13% haven’t yet but might have to in the future.

The study was based on a sample of 2,000 homeowners and MetLife also stated that the past 12 to 18 months have seen people’s anxieties around their finances grow as a result.

When asked what their biggest financial concern for the next six months was, 16% of respondents admitted it was having a reduced income, while the same number were also anxious about getting into debt and having to dip into savings to make ends meet.

The research showed that getting into debt and having to use savings is a longer-term concern too, with another 16% of people stating that it is their biggest financial concern for both the next six months and the next year.

Commenting on the study, MetLife head of individual protection, Rich Horner, said: “Our research shows that 27% of people have felt compelled to take financial advice in order to shed more light on their current financial situation or get their finances back on track.

“This is a sensible decision as financial advice can make a big difference to how people think about their futures. It can help them better understand how to protect what is most important to them via valuable insurance policies, as well as helping to put plans in place for the future by developing a savings and investment strategy. But there are still a number of factors that are standing in people’s way.

“While putting off making that first appointment is not new, it can be detrimental to people’s finances for the long-term. The sooner you seek financial advice the earlier you can start putting a plan together for your future goals and ensure you have the right protections in place should the unexpected happen.”

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