Zurich: Most Britons 'never seek financial advice'

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Zurich: Most Britons 'never seek financial advice'

Thu 19th Jun 2008

More than half of Britons have never sought advice from a financial adviser, new research by Zurich shows.

The number is highest among young people, with 84 per cent of 18 to 24-year-olds never having spoken to an adviser.

But the figure is still 67 per cent for those aged 25 to 34, although it drops to 50 per cent for those aged 35 and over.

Zurich also found that 48 per cent of people who were married or cohabiting with children have never taken financial advice, rising to 53 per cent of cohabiting people without children.

Among single people, 70 per cent have never sought advice – a figure that reaches 73 per cent among those who are attached but live alone.

Of those who never sought advice, half said they did not have enough disposable income to make it worthwhile, while a fifth said it was too expensive.

A recent survey by consultancy Watson Wyatt found that 73 per cent of large UK employers want to offer financial education to their staff.

The survey, reported in the Financial Times, also found that 85 per cent of employees do not believe pensions will provide sufficiently within 15 years.

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