Study suggests young adults confused about financial advice

The majority of adults aged under 25 in the UK do not know where to access financial advice, according to a new nationwide study by the financial advice network, Openwork.

The research, which quizzed 1,010 people aged over 18 using an online methodology last October, found that 33% of all adults were uncertain about where to access financial advice, with 51% of those aged between 18 and 24 indicating they did not know where to access it at all.

Openwork suggested that with many younger people only just starting to save for retirement, or may not have begun at all, it is ‘critical’ they are given the right guidance as early as possible, and understand how and where to access a financial adviser.

Furthermore, 27% of all people involved in the study did not know if they were on target with retirement saving.

The research also indicated that despite a growing shift towards an increased use of technology, 75% of respondents said they would still prefer face-to-face interaction with a financial adviser.

Openwork wealth and platform director, Mike Morrow, commented: “Despite the growing demand for expert financial advice, it is worrying to think that as we enter a new decade so many people don’t know where to access financial advice.

“There are many helpful online tools, such as The Pension Advisory Service, The Money Advice Service and, however much more needs to be done by the industry and the Government to help people access the financial advice they both need and deserve.

“At Openwork, expanding access to face-to-face financial advice is a strategic priority, and in order to meet the growing demand, we will continue to recruit and train more advisers.”

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