One in four (26%) UK adults would feel comfortable investing up to £50,000 without speaking to a financial adviser, according to research from Mattioli Woods.
This is despite 44% saying they do not feel financially prepared for the future.
While 30% of those surveyed would seek professional advice for all financial decisions, a fifth (21%) would feel comfortable making pension and retirement decisions without guidance.
Furthermore, when faced with an important finance decision for the future, 31% would turn to a financial adviser, but 41% would reach out to family and relatives. This was followed by turning to a bank or building society, then friends or colleagues. One in 10 said they would make the decision themselves.
Amit Joshi, managing director of wealth at Mattioli Woods, said: “It is understandable that people turn to family and friends when faced with an important financial decision. However, decisions around investments, pensions and long-term financial planning can have unanticipated and significant consequences that last decades.
“With tax, pension and inheritance rules continuing to evolve, professional advice and expertise can help people understand their options and make informed decisions based on their individual circumstances and long-term goals.”
The research uncovered a number of threats to people’s long-term financial health, with 40% fearful of rising costs and housing expenses, while a further 39% are worried about unexpected health or long-term care costs and 33% are concerned about being unable to work or losing income.
Respondents also believe that planning for the long-term future should begin at 28.5 years old, rising to 30 among those living in London and Wales.
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