One in eight (12%) adults in the UK, equating to around 6.3 million people, now considers professional financial advice to be valuable, research by network The Openwork Partnership found.
This nearly doubles to 23% among those under 35 years of age.
The advice network said that people have started to realise the contribution that advisers can make to the management of their finances.
As a result, 16% of respondents said they saw the value of their investments grow, 12% avoided making mistakes with their mortgage, and 11% said the value of their pension increased.
Financial advisers have helped 2.3 million people secure insurance, something they otherwise wouldn’t have done, and around 2.4 million were able to help family members with their finances after talking to an adviser.
‘More to do’
But there are still issues to be addressed, The Openwork Partnership found.
Nearly half (45%) of adults in the UK have never talked to or seen an adviser, and that applies across age groups.
For under-35s, 48% have never seen a financial adviser, while that is true for 46% of over-55s.
Just 9% said they have an adviser or a firm they talk to regularly, while 11% have been in touch with one in the last year.
Attitudes are changing, however, because the network discovered that around 2.6 million people contacted a financial adviser “as a direct result of the pandemic”.
Recognised value
Mike Morrow, chief commercial officer at The Openwork Partnership, said: “Professional financial advice has been vital during the pandemic and delivered significant benefits for millions of people when they have needed help.
“Millions now recognise the value of professional advice and the practical impact of advice in helping to increase the value of investments and secure mortgages. Just as importantly people acknowledge they have taken action on protection which they would not have considered without support from an adviser.
“Of course, there is the issue that millions never see an adviser or seek advice on their finances which the industry has to do more to address. The Openwork Partnership is working hard to spread the message on the value of advice and the support that our network delivers.”
