Brits Advised To Consider Seeking Financial Guidance

As the credit crunch continues to take hold people should not choose to go it alone when getting to grips with their finances, a new study reports.

In research carried out by Zurich, it was revealed that more than half (57 per cent) of all British adults are yet to seek guidance from a financial adviser. Furthermore, it seems that younger people in particular are choosing to manage their money without help from an industry professional, with 84 per cent of 18 to 24-year-olds admitting to have never sought financial advice. And although this proportion decreases as consumers get older about half of the over-35s have never been to an adviser for help with money.

Research from the firm also indicated that those with a family to look after could be placing themselves under the most pressure by not going to a financial adviser. Just under half (48 per cent) of married or cohabiting Britons with children state they have never requested advice over money. This figure comes despite the firm reporting such consumers are the people who need help most as they must plan both for their own financial future and their offspring’s. Meanwhile, some 70 per cent of single Britons claimed that they have never sought professional guidance on managing their money.

In addition, the study revealed that half of Britons who are yet to get advice state this is because they do not think they have enough disposable income to allow them to do so. However, this proportion rises to 69 per cent for people living in north Scotland.

By seeking out guidance from an industry professional it may be possible that consumers can manage various demands on their spending effectively and select the most competitive financial products - whether this is a loan, home insurance policy or a savings account.

Tony Solomon, director of life marketing for Zurich, said: “The sheer number of people walking blind into their financial decision-making presents a disturbing trend in society and an alarming picture for the future. It is troubling to know that more than half of the population has never sought financial advice at a time when they most need it.

“Today’s volatile markets present both a challenge and an opportunity to financial advisers to add real value and to demonstrate their expertise. With the burdening debt crisis and current economic situation, people need financial advice now more than ever; yet an alarming 71 per cent of individuals are not even considering reviewing their finances.”

He went on to report that electing to get financial advice is “a step in the right direction” in helping consumers to prepare their money later life and ride out the impact of the credit crunch.

Upon seeking guidance on monetary matters, it may be that Britons wishing to supplement their spending will consider taking out a low rate loan. In getting such a loan it may be possible that consumers can meet various financial targets - whether it is getting to grips with pre-existing debts or making a major purchase such as a car - quickly and affordably. Getting such help with spending might be especially recommended after a recent Gfk NOP study showed the public’s opinion about their personal finance situation over the last year stood at -11. This is the lowest figure recorded for over ten years.

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