Consumers who would never dream of cutting their own hair will happily ’have a go’ at sorting their own finances without expert financial advice.
While 38% of us would turn to an expert for ‘cutting or dying hair’, and 60% of us would call an expert to repair our car, only 14% of those between 50 and 70 would turn to an expert for help with pension planning, according to a new survey*.
In other areas of our financial planning, we show an equal tendency towards being ‘advice shy’. Only 32% of people would seek help in arranging their mortgage, only 24% would ask for expert financial planning advice on tax matters, and only 23% would ask for qualified investments advice.
People are more likely to consult a hairdresser, an electrician, a plumber, or hire in a painter and decorator than make a financial plan on the basis of qualified financial planning advice, the research revealed.
Younger people are more open to seeking help with their financial plan than older people. While only the 14% of people in their 50s and 60s (mentioned above) would seek financial advice on their pension planning, this figure rises to 29% for people in their 20s and 30s.
The percentage of people in their 20s who would seek financial advice on buying a mortgage is 52%.
“Seeking independent financial advice on your finances, whether it be mortgages, retirement or savings and investments, is an invaluable step in making sure you are getting the right advice and the best solutions, both for you and your family’s financial requirements,” said Karen Barrett, chief executive of unbiased.co.uk..
“It is understandable that people may naturally shy away from the often daunting task of sorting out their finances, but by using an independent financial adviser, you can entrust an expert to research the whole of the market and make specific recommendations for your individual circumstances.”
*Source: financial advice researcher unbiased.co.uk / Opinium Research survey of 2.065 UK adults
