Stay ahead of the curve and future-proof your business with Mintel’s UK Consumers and Financial Advice Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest UK financial advice market research, trends and consumer behaviours affecting your business.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
High inflation, rising interest rates and volatile equity and bond markets increase the need for planning and advice, although affordability constraints will dampen demand. More people show interest in using free guidance and low-cost digital advice. The housing market downturn reduces demand for protection and mortgage advice related to home purchases.
Affordability constraints
The main threat to the advice market is a failure to address both real and perceived affordability constraints. Most adults in the UK are unwilling to pay the level of fees that are typically charged by financial advisers. This reflects a tendency by consumers to undervalue the services of a professional adviser.
Technological revolution
The technological revolution that is starting to re-energise and re-shape the UK financial advice market has the potential to change attitudes and close the advice gap. With more and more free guidance services and low-cost digital solutions emerging, access to financial advice and planning is becoming more widely available
To learn how to connect with your audience, purchase our full UK Consumers and Financial Advice Market Report 2023. Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.
This report, written by Sarah Hitchcock, a leading finance analyst, delivers in-depth commentary and analysis to highlight trends in the UK financial advice market and add expert context to the numbers.
The digitisation of advice creates opportunities for advisers to find new markets and cater for a wider audience. However, there needs to be a concerted and collective industry effort to define the many different types of digital solution that now exist, in order to improve clarity for, and understanding by, consumers.”
Sarah Hitchcock
Associate Consultant – Financial Services
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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