6.3m value financial advice more post-pandemic

Jake Carter

September 28, 2021

financial advice

One in eight (12%) adults, the equivalent of 6.3 million people, value professional financial advice more post-pandemic, according to The Openwork Partnership.

The figure that said they value financial advice more now nearly doubled to 23% among the under-35s.

Around one in six people (16%) said the value of their investments has grown, while 12% said they avoided making mistakes with their mortgage and 11% have seen the value of their pension increase.

Advisers have helped 2.3 million take out protection insurance, which they would not have done otherwise, while 2.39 million were able to help family with their finances as a result of advice.

Nearly half (45%) of adults have never seen an adviser, across all age groups.

Around 48% of under-35s have never seen adviser, compared with 46% of over-55s.

Around one in 10 (9%) people questioned said they have an adviser or firm they see regularly, while 11% said they have seen advisers or firms in the past year.

Around 2.6 million said they contacted an adviser as a direct result of the pandemic.

Mike Morrow, chief commercial officer at The Openwork Partnership, said: “Professional financial advice has been vital during the pandemic and delivered significant benefits for millions of people when they have needed help.

“Millions now recognise the value of professional advice and the practical impact of advice in helping to increase the value of investments and secure mortgages.

“Just as importantly people acknowledge they have taken action on protection which they would not have considered without support from an adviser.

“Of course, there is the issue that millions never see an adviser or seek advice on their finances which the industry has to do more to address.

“The Openwork Partnership is working hard to spread the message on the value of advice and the support that our network delivers.”

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