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Untapped demand for financial advice

14 June 2019

A large percentage of consumers want financial advice but have no idea how to access, a nationwide study by Openwork has shown.

The findings revealed 43% of people were unsure where to go to receive advice, with women more affected than men. Sixty two percent of women surveyed expressed uncertainty, compared to 38% of men.

Despite the recent rise in robo-advice, the study found face-to-face advice still ranked more popular, with 71% of consumers concerned robo-advice would not be appropriate for their needs and nearly three out of four (73%) preferring to speak to an adviser.

Around a quarter (26%) of those surveyed said they have not started saving for retirement and more than two out of five (42%) admitted they won’t start saving until they are aged 55 plus. Just one in five (20%) have a target date for retirement and only 32% believe they will be able to retire by their target date. A substantial 20% fear they will never be able to afford to stop work.

Claire Limon, director of learning and acquisition, Openwork, said: “People are increasingly recognising the value of expert financial advice, but it’s worrying that they still aren’t sure about the best way to access it. We believe that face-to-face advice should be readily accessible to all.”

Openwork is calling for more advisers to join its network through its Openwork Academy programme, which has trained and qualified 150 advisers since its launch in 2014, in a bid to meet the unmet demand for face-to-face advice.

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