Nearly six million people would be willing to pay for advice if it cost less, finds research from online financial advice service OpenMoney in conjunction with YouGov.
The findings form part of a detailed look at the nation’s wealth, debt and the need for advice contained in the report “The UK Advice Gap: Are Consumer Needs For Advice And Guidance Being Met?”
The study reviewed four advice gaps identified by Citizens Advice in 2015 to understand whether they still exist and if the availability of advice services has improved over the last four years. It found that all four gaps remain substantial and three have widened.
Anthony Morrow, CEO of OpenMoney, comments:
“It is clear that many more people would benefit from taking financial advice and the reasons why they don’t are not as straightforward as it being too expensive, or individuals not having enough money. ‘Robo-advice’ is often touted as filling the mass market advice gap, but while some digital providers now offer one-off advice, many simply offer online investment management without real financial advice and personal recommendations. Without offering personalised ongoing advice, these digital wealth managers cannot replace the service provided by advice professionals.
“Bridging the advice gaps requires the financial services industry to work together with financial guidance organisations and a wide range of bodies including the Government, FCA, local government, employers and medical professionals to improve awareness and take-up of existing financial support and promote the benefits of protecting our financial futures through money management, financial planning and, crucially, suitable financial advice.”
