Research reveals untapped demand for financial advice

Ryan Fowler

May 28, 2019

Almost six out of 10 adults say that they would benefit from regular financial advice, research from Openwork has shown. 

Its nationwide study found 56% of people believe they would benefit from regular financial advice highlighting what Openwork called “a huge source of untapped demand for the advice industry.”

The study revealed that just 15% of adults see a financial adviser regularly with men more than twice as likely to receive support with their finances compared with women. Around 23% of men say they see an adviser compared with just 10% of women.

Claire Limon, director of learning and acquisition at Openwork, said: “The financial services industry has seen increased demand year on year, not just from older people looking for help through retirement, but also from young people who are looking to improve their financial literacy.

“More people across the UK recognise they need expert help to create and protect wealth for themselves and their families and want to have more control over their finances during uncertainty across the economy.”

Additionally the research found that around one in three adults (33%) admit to not being confident with money matters and 40% worry that they do not know enough about money.

Since its foundation in 2014, the Openwork Academy programme has trained and qualified over 150 advisers.

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