Demand for financial advice has risen among the under-35s in the wake of the Covid-19 pandemic, research from The Openwork Partnership has shown.
The nationwide study found that one in eight (12%) of adults value financial advice more post-pandemic, with that number nearly doubling to 23% among the under-35s.
The research found that 16% of people say the value of their investments has grown as a result of advice, while 12% have avoided making mistakes with their mortgage and 11% have seen the value of their pension increase. Advisers also helped 2.3 million people take out protection insurance.
Those living in London were most likely to have seen an adviser in the past year (22%), compared to 9% in the North East and North West, 14% in Scotland and 12% in East Midlands. The lowest take-up was found in the South West, where just 6% of respondents had sought advice.
However, The Openwork Partnership, said the findings also shone a light on the number of people missing out on support, with nearly half (45%) of adults having never seen an adviser.
Mike Morrow, chief commercial officer at The Openwork Partnership, said: “Professional financial advice has been vital during the pandemic and delivered significant benefits for millions of people when they have needed help.
“Millions now recognise the value of professional advice and the practical impact of advice in helping to increase the value of investments and secure mortgages. Just as importantly people acknowledge they have taken action on protection which they would not have considered without support from an adviser.
“Of course, there is the issue that millions never see an adviser or seek advice on their finances which the industry has to do more to address. The Openwork Partnership is working hard to spread the message on the value of advice and the support that our network delivers.”
