Understand the UK Financial Advice Market with Mintel’s market report. Our full report is packed with consumer-led market intelligence, the latest UK financial advice consumer trends and behaviours affecting your business.Â
Increased demand for financial advice amid the cost-of-living crisis
Half of individuals across all age groups say that the rising cost of living makes financial advice more important. This sentiment is especially strong among younger demographics, with those aged 25-34 most likely to agree (72%), representing a unique opportunity for financial advisers to engage these young, new customers.
Affordability and transparency in fees remain challenges in the advice market
Addressing affordability in the advice market is challenging, with only 43% viewing financial advice as good value and 42% reluctant to pay for it. Furthermore, 46% feel financial advisers obscure their charges, underlining the need for clearer cost explanations and demonstrations of value.
Digitisation of advice presents opportunities to make it more inclusive and affordable
57% of those aged 18-34 think that fully-automated financial advice is just as good as face-to-face financial advice. Financial advisory firms can leverage this by offering digital-first advice solutions and using influencer marketing on social media that adheres to regulatory standards, thereby efficiently targeting this demographic.
Purchase the full report for a complete overview of the UK financial advice market, including consumer insights and comprehensive market analysis from Mintel’s industry experts. Readers of this report may also be interested in Mintel’s UK Consumer Financial Resilience Market Report.
This report examines the market for professional financial advice in the UK. Advice is distinct from guidance. According to the FCA, definitions are as follows.
This report is written by Saltanat Kuermannal. Saltanat joined Mintel in October 2023 as a research analyst in the financial services team. Prior to joining Mintel, Saltanat has worked as a consultant in the real estate sector. She has a PhD in Development Studies with trained backgrounds in Anthropology and International Politics.
Rising living costs and interest rates have increased demand for financial advice. Affordability remains a challenge but low-cost digital solutions can help.
Saltanat Kuermannal
Financial Services Analyst
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