Openwork: A third of people don’t know where to access financial advice

Michael Lloyd

January 17, 2020

Around a third (33%) of adults are uncertain about where to access financial advice, financial advice network Openwork has found.

The under-25s are the most unaware with over half of 18 to 24-year-olds not knowing where to get advice.

Mike Morrow, wealth and platform director at Openwork, said: “Despite the growing demand for expert financial advice it is worrying to think that as we enter a new decade so many people don’t know where to access financial advice.

“There are many helpful online tools such as The Pension Advisory Service, The Money Advice Service and Unbiased.co.uk, however much more needs to be done by the industry and the Government to help people access the financial advice they both need and deserve.

“At Openwork, expanding access to face to face financial advice is a strategic priority and, in order to meet the growing demand, we will continue to recruit and train more advisers.

“Our market-leading Openwork Academy, which has enrolled more than 400 candidates since launching in October 2014, will be critical in meeting this strategic ambition and we look forward to welcoming more recruits over the next 12 months.”

Despite a growing shift towards increased use of technology the overwhelming majority of adults (75%) would prefer face-to-face interaction with a financial adviser.

Over two thirds (67%) of adults agree that robo-advice might not be entirely appropriate for their specific needs.

Those aged 18 to 24 (71%) and 55 to 64 (73%) are unsure about its benefits.

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