Number of people taking financial advice increases by 1.3 million
Over the last year, the amount of people taking financial advice has risen significantly, totalling 4.5 million adults across the UK – an increase of 1.3 million compared to the previous year.
On the other hand, The Financial Conduct Authority’s most recent survey, The Changing shape of the consumer market for advice, revealed that there are 18.2 million people with savings/ investments of £10,000 or more who believe they might need advice but haven’t sought any.
Nine in ten UK adults aged 18 or over, or 46.5 million people, have not had regulated financial advice in the last 12 months. Of these, two-fifths, or 18.2 million people, have £10,000 or more savings and/or investments and, therefore, might have a need for advice. This group equates to 36% of the UK population. The survey also revealed that those who had received regulated financial advice in the last 12 months were generally satisfied with the quality and cost of the service they received.
When it comes to pensions and retirement, few employers provide generous defined benefits schemes, opting out of responsibility for their employee’s financial security in retirement. While some are benefitting from being auto-enrolled into defined contribution workplace schemes, these leave the individual with important decisions to make on how much to pay in, where to invest and how to draw an income in retirement.
This is where financial advice can help. At McCrea Financial Services, we focus on ensuring our clients have access to the support and financial advice they need throughout their lives so that when you are ready to retire, you will have peace of mind and the right plans in place to enjoy your life of leisure!
Find out how we can help you and if you would like to arrange an initial free no-obligation meeting you can do so by calling us on 0141 572 1340 or by emailing email@example.com.
McCrea Financial Services – For every Stage of Life
Source: Money Age