More people in their 20s are seeking financial advice, although the majority of people continue to wait until their 40s and upwards to start their financial journey, a new survey from Fairstone has shown.
According to the wealth manager, a quarter of people said they started receiving advice in their 20s, up from 20% a year ago. However, 55% of respondents said they first took financial advice after the age of 40.
Pension guidance was the main motive for seeking advice (45%), followed by investment planning and mortgage advice.
Fairstone said more than 40% of people surveyed also said they believed the biggest change to financial advice in the future would be people viewing professional advice as the “norm” and starting at a young age.
The survey also showed increasing demand for ESG investing, with nearly three quarters (72%) of respondents noting that sustainable investing was important to them, up from 60% in 2019.
Lee Hartley, CEO of Fairstone, said: “Talking regularly to our clients is an essential part of our approach as it helps us to recognise what they think about financial services, giving us a unique insight into their thoughts, patterns and behaviour and what shapes their decisions around investing, retirement and financial planning.
“The results of the survey were incredibly interesting and it is particularly encouraging to see that more clients are starting their financial journeys at a younger age. We can’t emphasise enough just how important this is.”
However, Hartley said the survey represented only a snapshot of the broader picture across the UK, suggesting millions of hard-working people still aren’t saving enough to live on once they’ve finished working.
He added: “More needs to be done across the sector on raising awareness of the importance of seeking financial advice and the very significant value of starting that journey as early as possible.”
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