HSBC quizzed 2,079 adults between 1 and 4 April on their attitudes towards investing, and 51% said they are likely to go it alone when they next invest money.
Over two thirds (68%) of those questioned said they had already made an investment in 2016 without any financial advice.
Interestingly, most investors did not appear to believe the cost of advice is excessive, with only 23% saying they believe financial advice is too expensive.
One in ten said they ‘find it too difficult to know where to source this advice’ and 8% said they ‘just haven’t thought about it before’.
The survey was carried out on behalf on HSBC to coincide with the launch of a new ‘face-to-face simplified advice service’ for individuals with between £15,000 and £100,000 ($21,300-$142,450) to invest.
Advice service
‘Stand-alone Investment Advice’ as it is dubbed by the bank, is being launched following a successful trial.
HSBC said that despite 22% of adults in the UK having £15,000 to invest there remains a gap in the UK advice market at this end of the spectrum, which is leading to many investors just leaving their assets in cash.
“Many of our customers tell us they want help managing their money to make the most of their savings and we want to make it easier for them to access advice that will help them achieve this,” said Caroline Connellan, head of UK Wealth and Premier at the bank.
“With many people keeping their long-term savings in cash it seems there is a real need for advice – and it’s why we’re excited to introduce Stand-alone Investment Advice,” she said.
