Research conducted by Zurich has shown that 57% of the UK's adult population has never sought advice...
Research conducted by Zurich has shown that 57% of the UK's adult population has never sought advice from a financial adviser.
Of those who have not sought assistance, half claimed it was due to having too little disposable income to make an adviser worthwhile while one-fifth cited the costs involved in seeking help.
According to the study, the percentage of people seeking advice varied by age, with 84% of 18 to 24 year olds and 64% of 25 to 34 year olds unadvised; however, the figures peaked at just 50% for people aged 35 and over.
Family life appeared to be a deciding factor in whether or not to seek financial advice, yet the report said: "Worryingly, 48% of those married or co-habiting with children admit they have never sought financial advice. This is the very group that most needs advice as individuals must plan for their dependants' financial futures as well as their own." The figure for those who co-habit without children is steeper still at 53%.
Tony Solomon, director of life marketing at Zurich, said: "The sheer number of people going blindly into their financial decision-making presents a disturbing trend in society and an alarming picture for the future.
"We believe the challenge for the future lies in promoting the importance of financial advice, especially to the younger generation that may not realise the value it offers."
The bank was the first port of call for 16% of respondents looking for guidance while 12% relied on friends and family.
