Brits 'fail to seek financial advice'

By Sarah Engle, Thu 19 Jun 2008 - Published in Banking

Approximately 57 per cent of the UK population aged 18-years-old and over has never sought advice from a finance specialist, new research has found.

The survey by Zurich was carried out in an attempt to find out how Brits are planning for their financial future.

Some 84 per cent of those aged 18 to 24-years-old said they had never sought financial advice, while 64 per cent of those aged 25 to 34-years-old also admitted to going it alone when it came to financial planning.

About half of those aged over 35-years-old stated they had never discussed money matters with a professional.

Tony Solomon from Zurich said: "The sheer number of people walking blind into their financial decision-making presents a disturbing trend in society and an alarming picture for the future."

He added that financial advisers should rise to the challenge presented by "today's volatile market" and "demonstrate their expertise" by helping people to compare money-making schemes.

A third of young Brits said they were too busy to sort out their finances, according to research by American Express.

News Categories

News Archive

News: Brits 'fail to seek financial advice'