Rise in individuals valuing financial advice, study finds

One in eight (12%) adults around the UK are now valuing professional financial advice more, a new study by The Openwork Partnership has found.

This figure doubles to 23% of the UK for those aged under 35.

The advice network’s study, carried out among 2,001 adults, indicated that around one in six people (16%) have seen the value of their investments grow as a result, while 12% said they avoided making mistakes with their mortgage and 11% have seen the value of their pension increase.

Figures also suggested that advisers have helped 2.3 million people take out protection insurance which they would not have done otherwise, while around 2.4 million people were able to help family with their finances as a result of advice they received.

“Professional financial advice has been vital during the pandemic and delivered significant benefits for millions of people when they have needed help,” commented The Openwork Partnership chief commercial officer, Mike Morrow.

“Millions now recognise the value of professional advice and the practical impact of advice in helping to increase the value of investments and secure mortgages. Just as importantly people acknowledge they have taken action on protection which they would not have considered without support from an adviser.”

The network’s study also suggested that a large number of people are missing out on financial support. The findings indicated that 45% of adults have never seen an adviser, while around 48% of under-35s say they have never seen adviser.

Just 9% of people questioned said they have an adviser or firm they see regularly while another 11% suggested they have seen advisers or firms in the past year.

Morrow added: “There is the issue that millions never see an adviser or seek advice on their finances which the industry has to do more to address. The Openwork Partnership is working hard to spread the message on the value of advice and the support that our network delivers.”

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