Some 25% of Brits would not take financial advice even if it was free research by Canada Life and financial-services consultancy AKG revealed.
The research also found that fewer than half (45%) of UK adults have ever seen a financial adviser.
Over one in five (21%) of those surveyed who do not have a financial adviser said they believe they do not have enough wealth to warrant one.
In addition, 11% said that they do not trust financial advisers and 9% said they were put off by “pushy sales techniques”.
To read more on this topic, visit: 75% of advisers concerned about inflation when considering retirement income for clients
The research also revealed that those who do consult a financial adviser on an ongoing basis value the relationship for a few different reasons.
Which include access to someone who understands their financial situation (19%), peace of mind (19%) and the knowledge that advisers are regulated (18%).
Regret
Some 12% also said that they regret not seeing a financial adviser in the past.
The top-three biggest regrets were worrying they now do not have enough money to fund retirement (35%), underestimating the impact of inflation (31%) and losing money (27%).
Respondents who have spoken to an adviser in the past five years were asked to indicate how they think the relationship with their adviser will need to adapt or change in the future.
The majority (23%) referred to a need for increased communication and updates, involving more regular check-ins, performance reviews and adjustments as circumstances change.
Tom Evans, managing director of retirement at Canada Life, commented: “Closing the advice gap is clearly not a straightforward issue.
“In fact, we should be honest with ourselves and recognise there will always be an advice gap borne from people’s lack of willingness to engage, and advisers’ capacity to service. But that shouldn’t mean as an industry we don’t try to do a better job of communicating and marketing both the benefits and value of financial advice.
“Clearly trust or a lack of it is still a factor that continues to plague the advice market. The fact that one in five people would not see an adviser even if it was free, is quite shocking.
“Why would a customer seek mortgage advice but be confident enough to choose the right path to retirement without advice? We need to be bold and challenge the current status quo, while also recognising that to serve a wider customer group, we need to embrace technology alongside attracting more advisers into the profession.”
