A third of clients in their twenties wished they had taken financial advice earlier and almost all clients (98%) believe that starting a financial plan as early as possible is beneficial, according to Fairstone.
A new report by the wealth management firm entitled Changing Landscape: Retirement is not just for the old found that one in ten clients over 65 started financial advice in their 20s, while 40% of clients first sought advice in their 40s.
In addition, more than two thirds (69%) of clients have introduced their children and grandchildren to the concept of financial advice and nearly nine in ten (87%) clients have made provisions in their savings for the fact people are living longer.
The findings follow recent government statistics estimating that 10 million people in the UK are expected to live to the age of 100, but only 8% of all adults have received financial advice.
Fairstone has launched a Junior Finance Academy, which will include educational platforms developed by university academics in partnership with financial institutions, to help inform the children of its clients about important financial issues.
Lee Hartley, CEO of Fairstone, said the results of the survey painted a changing landscape for the future of financial services.
Hartley said: “One statistic that stood out was that 98% of clients thought that starting a financial plan as early as possible was critically important. This clearly shows that our clients see the value of expert advice with a long-term view to maximise their investments, navigate volatility and achieve financial security.
“On a broader stage though, there is still much to be done across the sector to educate people about the importance of seeking financial advice and the value in starting that journey as early as possible. This poses a challenge and a wake-up call to our sector; as financial institutions we need to be focused on assisting consumers to have access to first-class advice and support at the right time in their lives to empower and enable them to make better financial decisions.”
Talking about the Academy, Hartley added: “It is important for younger generations to be educated and informed on financial matters to demystify the subject and to empower them with the confidence to start their financial journey early. As a sector we need to prepare ourselves for the future where the younger generation will be with more money than they are used to having and needing to make it work harder than ever before.”
