According to research from financial solutions provider All About Money, nearly 24 million people in the UK have never taken financial advice.
Its research suggests that the older the person is, the less likely it is that they will have taken financial advice, with over 54% of years 55+ choosing to take matters into their own hands.
Over 85% of years 55+ opted to do it themselves, and those who sought advice were more likely to go for professional help – such as financial advisers.
Younger people more commonly seek financial advice, with almost 64% of 18-24 year olds seeking some form of help – which comes in the form of their parents for over 30% of cases.
|
% of 18-24 |
% of 55+ |
|
| An independent financial adviser |
14.29 |
20.29 |
| Another type of financial adviser (e.g. bank, mortgage broker) |
10.36 |
14.65 |
| Citizens advice or other free advice service |
11.79 |
7.41 |
| Neighbour |
5.71 |
1.13 |
| A workmate/colleague |
8.21 |
2.09 |
| Parents |
30.36 |
3.22 |
| Friends and family |
20 |
11.76 |
| A bloke in the pub |
0.71 |
0.32 |
| Haven’t taken financial advice |
36.07 |
54.11 |
Only 3.10% of women trust their work mates’ financial advice, whereas men are twice as likely to seek out their colleagues’ wisdom.
Those living in Yorkshire and the Humber are much more likely to have their finances in control, with over 2 and a half million people claiming they know what they should be doing and have acted on it.