According to the ABI’s latest quarterly consumer survey, 74% of consumers said they are not likely or very unlikely to use a cheaper, simplified advice service.
However, 92% said they were not likely or very unlikely to use a comprehensive advice service priced at £670.
The statistics come after the Financial Services Authority (FSA) published a consultation paper on simplified advice in September.
Elsewhere the ABI research suggested most consumers would not use independent financial advice if they were forced to pay fees upfront for it.
Of a sample of 2,561 respondents, 70% said upfront fees for financial advice would deter them from using it.
According to the ABI’s statistics, IFAs are currently the most trustworthy source of advice, with 30% of respondents saying they trusted independent advisers over all other sources.
Around 46% of individuals said they would want help from a financial adviser when looking for a mortgage.
However, IFAs ranked poorly in the stakes of actual sources of advice, with just 13% of respondents saying they have used an IFA in the past year.
The top source of advice used was friends and family with 24%, whilst banks or building society attracted 15% of respondents.
