Also, nearly half (45 per cent) have never had any contact with a financial advisor, with a fifth (21 per cent) feeling they do not have enough wealth to justify seeking financial advice.
Further reasons to reject professional advice in AKG’s State of Flux report included a lack of trust (11 per cent) and a fear of ‘pushy sales techniques’ (nine per cent).
However, over a tenth (12 per cent) of the 2,000 respondents regretted not getting financial help, while a third (31 per cent) have lost money because of missing out on advice.
The impact of that decision has led to a third of people worried they don’t have enough money to retire.
With life expectancy increasing, contributing to a pension scheme early in your career gives you the best chance to lead a comfortable life once you retire.
Canada Life sponsored the State of Flux report to coincide with Financial Planning Week on 22 January. The initiative by the Chartered Institute for Securities & Investment (CISI) encourages adults to think about and make sound economic plans for their future.
Too many UK adult not engaging with financial advice
Tom Evans, managing director at Canada Life, said: “Financial Planning Week marks an opportunity to discuss financial literacy and money management – and to address the advice gap.
“We are facing a pivotal moment where a significant proportion of UK adults say they aren’t willing to engage with financial advice and yet many share regrets later down the line for not doing so sooner.”
Evans added: “As an industry, we have a role to play in communicating the benefits of financial advice, and the value it has for consumers’ current and future financial success. Now is the time to be bold and challenge the current status quo.”
