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Nearly a fifth of people ‘too proud or embarrassed to get financial advice’

Vicky Shaw, PA Personal Finance Correspondent
·2-min read

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.”