Under-35s are the least likely age group to seek professional financial advice, with just 20% saying that they have previously sought advice from an IFA, new research from Hodge has revealed.

The research, which quizzed over 3,000 people about their attitudes towards finances, found that family and friends are the biggest source of financial advice for those under the age of 35, after 70% of this age group claimed that this is where they seek guidance.

By contrast, the study also revealed that the number of people who seek financial advice from an IFA doubles to 40% for those over the age of 55.

In turn, the number of people in this age group who consult with family and friends about their finances drops to 53%.

“It’s clear from the research that family and friends have a huge influence on all generations when it comes to finances, and in particular, the younger generations,” commented Hodge business development director, Emma Graham. “However, it’s important to remember that well-meaning views or personal experiences doesn’t necessarily mean good advice.

“Seeking advice from family and friends is the most subjective form of guidance, as those closest to you often have thoughts or opinions on how you should live your life, that don’t always match up with your own plans.

“Getting independent advice from a qualified and experienced financial adviser not only ensures you receive objective advice that takes into consideration your own personal circumstances and plans, you’ll receive real value from accessing their expertise and can make those important decisions confidently, knowing you have considered and looked at all the options available to you.”

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