Nearly one in five people who have not taken financial advice would be too proud or embarrassed to do so, a survey has found.
Pensions provider Royal London gathered views from more than 4,000 customers to highlight the barriers standing in the way of people accessing financial advice.
Some 17% of non-advised customers said they are either too proud or embarrassed to talk to someone about how to manage their finances.
Nearly half (47%) of non-advised consumers thought advice would be too expensive. But four in 10 admitted they did not know what an adviser might charge.
More than a third (35%) of non-advised customers, meanwhile, said they could look after their own money.
However, previous Royal London research has indicated advised customers feel more informed and are financially better-off by more than £47,000 over a 10-year period than their non-advised peers.
About one in six (15%) people feel their finances are either too simple or that advisers are only interested in customers who are wealthier than them.
But nearly a third (31%) of this group had more than £50,000 in investable household assets.
Royal London’s director of policy and external affairs Jamie Jenkins said: “The advice gap is undoubtedly one of the biggest issues we face as a nation when it comes to people getting their finances in order.
“This is particularly the case over the last year when so many people have faced a multitude of challenges in their lives.”
He said that as long as misconceptions around advice exist “these people are missing the opportunity to build a sustainable financial plan that safeguards their present and future”.
Mr Jenkins added: “As an industry we must look at how we can break down these misconceptions as well as helping advisers to scale up their business so they can offer support to more people.”