Demand for advice increasing, particularly amongst under 35s
3 June 2019
Despite only a small percentage of people regularly seeing a financial adviser, 56% of adults believe they would benefit from doing so, with the highest percentage aged under 35.
A nationwide study by Openwork found 15% of adults see an adviser, with men more than twice as likely to receive support with their finances compared with women. Around 23% of men seek financial advice, versus just 10% of women.
Yet, the research showed nearly six out of 10 people surveyed (56%) believe they would benefit from receiving regular financial advice, with that number rising to as high as 71% for under-35s. A large percentage (40%) of consumers said they would like to see their employer offer access to financial advice, with a third admitting to not being confident when it comes to matters of money.
Openwork cited the pension freedoms, a growing number of people starting pensions and high house prices as the key reasons behind a rise in interest.
Claire Limon, director of learning and acquisition, Openwork, said demand for advice has been increasing year-on-year, not just from those nearing or at retirement, but also young people seeking to improve their financial understanding.
She said: “Most people across the UK recognise they need expert help to create and protect wealth for themselves and their families and want to have more control over their finances during uncertainty across the economy.”
But to meet the growing demand, more advisers will be needed, Openwork warned. Adviser numbers have risen from 22,000 in 2013 to around 26,000, but Limon says this figure must continue to grow.
Limon added: “Openwork is committed to increasing adviser numbers as a major strategic priority, ensuring they are well equipped to provide support to a growing number of people.”
Openwork Academy recently took on 54 new trainees and will have a further two intakes this year. Since its launch in 2014, Openwork’s programme has trained and qualified over 150 advisers.
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