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Crisis increases focus on finances and financial advice

11 May 2020

The Covid-19 pandemic has driven nearly half of Brits (46%) to think about organising their finances, with over 50% of those looking to speak to a financial adviser, according to a survey by Sanlam.

Jon White, CEO of Sanlam wealth division, said unprecedented uncertainty about jobs, businesses and investments had prompted people to think about their financial situation, as well as the desire to get affairs in order for inheritance purposes.

The findings showed that of those who plan to tackle their finances, 13% will speak with an adviser for the first time, while 25% will revisit or speak with an adviser having done so previously. A further 13% said they would like to speak to an adviser, but worry it would cost too much or they lack the sufficient assets to make it worthwhile. However, nearly half (49%) said they feel confident doing it themselves.

The research also showed that those on higher incomes of £75,000 and above were more inclined to seek advice. Of the individuals in this group, two fifths (40%) said they will be contacting their adviser again, while 24% are planning to use one for the first time, compared to 32% who said they would go it alone.

When it comes to the population as a whole, 11% of 18-34 year olds said they plan to visit an adviser for the first time, just marginally above the 9% of 35-54 year olds who said the same.

John White, CEO, Sanlam wealth division, said: “It’s encouraging to see that nearly half of adults are planning to take action; and with 13% of those keen to use a financial adviser for the first time, there is a great opportunity for us all to demonstrate the very real value we can add. There’s an opportunity too, to reach some of the other 13% who think that advice is not for them because of perceived costs, or the extent of their assets.

“Of course, in times of crisis people’s thoughts turn to their finances. In addition to unprecedented uncertainty about jobs, businesses and investments, there is also a sense that clients want to ‘get their house in order’ when it comes to things such as what inheritance they plan to pass on and their long-term financial resilience.”

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