The report, jointly published by Old Mutual and Intrinsic, revealed that cost was the main factor discouraging consumers from seeking advice.
Around 44% of those surveyed said they would not be prepared to pay a fee for advice, and 37% cited the cost of getting advice as the main issue for seeing an adviser.
“The data shows we face a challenge demonstrating the value of advice to consumers,” said Intrinsic chief executive Richard Freeman.
“It is important for the UK Government and the financial adviser community to work closely together to ensure more people can access the benefits of professional financial advice.”
Freeman said the UK’s Financial Advice Market Review, which kicked off on Monday, is an opportunity to address misconceptions and help people access the advice they need.
“If successful, there is an opportunity to make UK households more financially secure and more prosperous by doing so.”
Data collected through YouGov cited other significant barriers discouraging people from taking advice:
- One-third (33%) said they did not believe they had enough wealth for an adviser to help them
- 31% feared ‘paying for something they didn’t need’
- 30% said they believed advisers may be biased toward some products
- 19% were unsure which advisers to trust
- 15% weren’t convinced an adviser could offer value
- 16% said they thought it was hard to know which adviser would give them what they need
Only 20% said they saw no barriers preventing them from speaking to an adviser.