There is huge demand for financial advice. 72% of UK adults believe they would benefit from it, particularly in relation to investing, pensions and retirement planning. Yet, due to cost,…
UK
Financial Services
simple
UK Consumers and Financial Advice: 2026
"Digital innovation and regulatory initiatives offer financial firms new ways of engaging with consumers, as well as the means to close the advice gap."
Sarah Hitchcock, Associate Consultant – Financial Services
There is huge demand for financial advice. 72% of UK adults believe they would benefit from financial advice, particularly in relation to investing, pensions and retirement planning. Yet, due to cost, only a small proportion make regular or ongoing use of a professional adviser. It’s more common for people either to use an adviser on a one-off/ad hoc basis, typically for a transaction-related reason, or never to have used one at all. Instead, most consumers rely on guidance services, which cannot make recommendations.
This is why targeted support is such an important development. It offers a bridge between guidance and full regulated advice, by allowing firms to make recommendations to groups of customers needing help with pensions and investments. However, only larger firms are likely to have the required capital and economies of scale to deliver it. Other firms need to work out how it will affect them, directly or indirectly; and may need to consider strategies to offset any threat to their current business model.
Along with new regulation, the UK advice market is being re-shaped by technological innovation, which has paved the way for new digital and AI-led services. Developments are ongoing, meaning that the digitisation of advice continues to present a major opportunity for the industry.
This Report Looks at the Following Areas:
The size of the UK retail intermediary market, by number of firms and revenue.
The main drivers impacting demand, including regulatory developments to address the advice gap.
Consumer experiences of financial advice within the past two years (eg whether they found it useful, paid a fee etc).
Financial matters/products people would most benefit from receiving advice on, and their preferred channel to receive it.
Most popular sources of financial guidance.
Likelihood of UK adults seeking guidance or advice over the coming year.
Attitudes toward using digital advice and guidance services.
Collapse All
EXECUTIVE SUMMARY
What you need to know
Outlook for the UK financial advice market
Opportunities
Re-engage advice-aware wealth holders to drive long-term growth in regulated financial advice
Now is the time to develop simplified advice solutions
Changing regulation creates new opportunities
THE MARKET
Snapshot – market size
Consumers and the economic outlook
What’s driving the market
Market size and structure
A leaner, fitter market post-pandemic
Graph 1: number of regulated retail intermediary firms and total industry revenues, 2019-24
Rising cost and regulatory pressures have caused the intermediary market to contract
Many intermediaries provide advice across a range of areas
Graph 2: proportional distribution of retail intermediary revenue by sector, 2024
Financial advisers generate most of their income via fees and charges
Graph 3: proportional distribution of financial adviser* revenues, by charging method and type of business, 2024
Competitive landscape: a range of firms offer advice and guidance
Regulatory developments
Tax changes boost demand for advice
FCA launches initiatives to close the advice gap
Targeted support gets the green light
Firms need to weigh up the pros and cons
Targeted support could be extended to the protection market
THE CONSUMER
Experience of accessing advice
People seek financial advice on a range of matters
Many younger adults are still mistaking guidance for advice
Most people who seek financial advice find it useful
Graph 4: how much of the advice was found useful, 2026
Over a third of recent advice-seekers obtained free advice
Usage of guidance services
Most people obtain guidance from digital and online sources
Targets support offers new opportunities
Advice requirements
Huge demand for financial advice and guidance
Advice needs change with age
Graph 5: financial products/matters people would most benefit from having advice on, by age group, 2026
Free guidance services can help advisers connect with younger adults
Under-50s want help with mortgages and buying property
45-64 year olds most need advice on their decumulation options
How to win new clients
Explaining fees upfront helps to build trust
Most people still prefer to receive advice in person
Stressing ‘no strings’ is key to success
‘Try before you buy’ can be an effective strategy
Interest in digital advice and guidance services
There exists a good level of interest, but also barriers to overcome
The future’s bright for digital advice
Digital advisers need to cover a broad range of areas to appeal to the widest audience
Graph 6: financial products/matters would most benefit from having advice on, by adults interested in digital advice/guidance, 2026
INNOVATION AND MARKETING
Providers are moving quickly on targeted support
Fintel to launch AI-led financial advice platform
NatWest embeds homebuying guidance in AI chatbot
Scottish Widows trials new AI-powered support tool
APPENDIX
Report scope and definitions
The market
Market size – underlying data
Market size – number of firms by type
Market size – total revenue by type of firm
Market segmentation – regulated activity
Market segmentation – type of income earned (financial advisers only)
The consumer
Consumer research questions
Consumer research methodology
UK generation groups
Abbreviations
Market Intelligence Made Easier With Mintel
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
£ 2,195(Excl.Tax)
Download today with instant access
Pay via credit card or invoice (net 30 payment terms)
Multiple formats provided
We send a PDF, Powerpoint and Excel Databook straight to your inbox. An interactive version of the report is also available on our online platform
Interactive databook included
Focus on the data that matters most to you with a customisable databook available on our platform
23% of consumers would use an AI-powered tool for mortgage advice. Although it is not yet a priority source of advice, this level of engagement indicates AI is...
Property investment in the UK is undergoing significant change, as rising costs, regulatory reform and economic uncertainty reshape both participation and perception. While
Mortgage lending continued its resurgence in 2025, with gross mortgage lending rising by 20.2% in 2025 to £290.8 billion. Elevated mortgage rates for both FTBs and those refinancing,...
Advances in AI are reshaping the UK financial services industry, yet consumers remain cautious. Adoption of AI in personal financial management remains in a growth stage, with around...
The UK's transition towards a cashless economy continues, with consumers embracing digital and mobile-first payments in their everyday lives. Debit cards dominate spending, supported by the near-universal contactless...
UK consumer spending grew by an estimated 4.6% in 2025, to £1.9 trillion. Growth remains predominantly driven by inflation, and consumers continue to take a cautious approach to...
We have such a great working relationship with Mintel on lots of different levels. As an insight partner, they have helped us to develop our business planning in specific categories as well as supporting our creative process but they’ve also been super helpful with facilitating our events in their inspirational offices near St Paul’s.
They’re an innovative company, with a client-focused team that always delivers.
Abby Carvosso, Group Managing Director, Bauer Media Group
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
Jeff White, Business Development Director, Deutsch
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
Marie Stafford, European Director, The Innovation Group, VML
Need help before you buy?
Our research specialists can answer your questions and recommend the reports that best match your business needs.