Who Are You Going to Call?
When it comes to arranging personal finances – the majority of people (79%) have taken some form of advice to help inform their decision
Of those that have sought advice – one in three (33%) have used an Independent Financial Adviser
One in four expect a private pension to help fund their retirement and amongst these an IFA was the most common form of advice (42%)
New research from Unbiased.co.uk, the find an Independent Financial Adviser search, reveals that when it comes to arranging our finances, the majority of the population (79%) see the merit of a second opinion.
Almost four out of ten of the UK population (39%) have used price comparison websites to seek out information on products and three out of ten (29%) have allowed friends and family to provide some input into financial decisions.
More positively, a similar number have sought out qualified advice., with 37% having seen a financial professional at a bank or building society and one in four (26%) having used an Independent Financial Adviser (IFA). Rounding out the ‘top five’ is the money pages of national newspapers – to whom 23% have turned for information.
The research also reveals that of those that have sought advice (79% of the population) – one in three (33%) have used an Independent Financial Adviser. The type of advice that we seek changes as we get older – with four in ten (41%) of those over the age of 55 who have sought advice on money matters having used the services of an (IFA).
David Elms, Chief Executive of Unbiased.co.uk, commented:
“Our work has always strongly focused on promoting the benefits of independent financial advice to the consumer. An independent financial adviser is the only adviser who can take a holistic view at your finances and recommend options from the whole of market, rather than just a selection of providers.
“This research gives us grounds for optimism with many seeing the merits in a second opinion – and one in three of these having seen and experienced the services of an IFA. Whilst this is a good start – we would still like more people to take advantage of the services of a financial professional, rather than relying on opinions of friends and families or price comparison websites.”
The area of personal finances where the impact of seeing an IFA is at its strongest is in saving for retirement. Half of the population (50%) intend to fund, or partly fund, their retirement through the state pension, with 40% being fortunate enough to have an occupational pension scheme. The next two most popular methods of saving for retirement are savings accounts (25%) and private pensions (23%).
Of those currently investing in a private pension, 168 is the average amount invested every month, with men contributing more than women (180 vs 155). Of those with private pensions, the most common form of advice (42%) was from an IFA.
David Elms, Chief Executive of Unbiased.co.uk, commented:
“There is a clear message in this research – those that use IFAs are more likely to have put formal plans in place for a comfortable retirement.”
For further information please contact:
David Elms | Anna Schirmer/Jonathon Grove |
Chief Executive | Lansons Communications |
Unbiased.co.uk | 020 7294 3682 |
020 7833 3131 |
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For expert comment or case studies from over 200 media-friendly IFAs, journalists should call Unbiased.co.uk’s Media Services hotline on
020 7294 3682 or search online at www.unbiased.co.uk/media
Research conducted online by Opinium Research LLP among a sample of 2000 UK adults between 18th and 22nd April 2008. Data has been weighted to nationally representative criteria.
1. Independent Financial Adviser Promotion
Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 22,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.
IFA Promotion is sponsored by 29 leading financial institutions, and in the past 12 months, over 575,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.
IFA Promotion believes Independent financial advice should be:
- Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.
- Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.
- Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotion’s sponsors
Abbey for Intermediaries
Lutine Assurance Services
Aberdeen Asset Management
MetLife
AEGON Scottish Equitable Plc
National Savings & Investments
Alliance Trust
New Star Investment Funds
AXA Life
Norwich Union Life
Bright Grey
Prudential
Canada Life Ltd
Scottish Life
The Children’s Mutual
Scottish Life International
Clerical Medical Investment
Scottish Widows Plc
Defaqto
Skandia UK Group
Friends Provident
Standard Life Assurance Company
The Hartford
Tomorrow
Invesco Perpetual
Unum
Legal & General
Zurich Intermediary Group
Lincoln Financial Group
Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606