More than 24 million Brits have never accessed financial advice

A third believe their personal situation is too simple to benefit

Jen Frost
clock • 3 min read

A total of 24.6 million people across the UK have never accessed financial advice or guidance, St James’s Place (SJP) research has found.

  Relevance was cited as the biggest barrier to Brits seeking out financial advice or guidance. A third (33%) said that their personal situation was too simple to require advice. Nearly one in ten (8%) said they were unaware of the potential benefits. Meanwhile, one in seven (14%) of those aged 18 to 34 and one in 20 (6%) over-55s felt it was either too early or too late to seek advice. "Financial advice and broader guidance can transform lives, but millions are not reaping the benefits because perceived barriers are holding them back," said SJP CEO Mark FitzPatrick. "Many believe ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Jen Frost
Author spotlight

Jen Frost

Editor at Professional Adviser

More on Your profession

Why the personal advice touch will thrive amid generational digital disruption

Why the personal advice touch will thrive amid generational digital disruption

Growing appetite for protection amongst younger people

Roger Brosch
clock 07 February 2025 • 4 min read
Financial planning shifts from 'sales-based to experience-based' industry

Financial planning shifts from 'sales-based to experience-based' industry

Sector shifts towards inclusivity and client experience

Sahar Nazir
clock 07 February 2025 • 2 min read
FCA: 'We need to deliver policy quickly' to tackle advice gap

FCA: 'We need to deliver policy quickly' to tackle advice gap

Sara Woodroffe stressed the need for swift action amid advice/guidance boundary review

Sahar Nazir
clock 07 February 2025 • 2 min read