49% of Britons said “yes”
A survey of 2,000 by Citizens Advice (CA) found that almost half those surveyed said “yes” when questioned if they would like more financial advice, particularly at key milestones in their life, such as buying a house, changing jobs, having a baby, getting divorced, or suffering a bereavement. What would your response be?
The bigger picture
The CA survey results showed that certain people were not able to benefit from financial advice at times when it could help them to start a new life chapter on the right foot.
Over one third (35%) suggested that financial advice would have been useful when they started work, or changed employment. Also, over a quarter (28%) felt that financial guidance when moving home would have helped them better manage their money.
Taking action
The Government and Financial Conduct Authority (FCA) are taking action by consulting on how gaps in the market, where financial advice is not accessible, can be filled.
The Financial Advice Market Review consultation is underway, focusing on how financial advice can be made available when purchasing products such as home loans, pensions and insurance.
As part of the consultation, research will be conducted on exactly the type of advice people want and how is best to provide this taking into account new technology, such as “robo advice” as well as the changes already made to the way in which financial advisers charge for their services, which was implemented after a range of mis-selling scandals.
“It is important that the market provides accessible and affordable advice when people need it,” McDermott, FCA.
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