69% of adults report having sought financial advice, although 18-34s often confuse informal guidance from friends, family, or social media with professional advice. This highlights a significant gap in understanding what constitutes regulated financial advice, presenting an opportunity for providers to educate and clarify the value of professional services.
A perceived lack of need for financial advice remains a significant barrier, with 42% of non-advice users citing this as a reason for not seeking professional guidance. This mindset, coupled with concerns about cost and trust, limits market growth, particularly among those with higher savings who could benefit most from financial advice.
Long-term, engaging younger consumers presents a key growth opportunity. Leveraging digital channels and collaborating with trusted influencers can help bridge the gap between guidance and professional advice, fostering trust and long-term relationships with this tech-savvy demographic.
Perceived lack of need and cost concerns challenge financial advice uptake, but opportunities exist to increase trust and engage younger, tech-savvy consumers.
Stefania Apostol, Senior Financial Services Analyst
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:
In the retail investment market, there are two main types of regulated advisers:
Other definitions of terms used in this Report:
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