People under 35 years of age are at least likely to seek professional financial advice. According to the new Hodge search, only 20% said they had previously sought advice from the IFA.
Family and friends are the biggest source of financial advice for those under 35, according to the survey, which asked more than 3,000 people about their attitudes toward finances. 70% of this age group say this is where they seek advice.
In contrast, the number of people seeking financial advice from the IFA doubled to over 40% for people over 55. The number of people in this age group who consulted their family and friends about their finances has fallen to 53%.
Emma Graham, Director of Business Development at Hodge, said, “The study shows that family and friends have a tremendous influence on all generations of financial matters, especially the younger generation. However, it is important to remember that well-meaning personal views or experiences are not always means good advice.
“Seeking advice from family and friends is the most subjective form of guidance because loved ones often have thoughts or opinions about how to live life that don’t always go along with your own plans.
“Having independent advice from a qualified and experienced financial advisor will not only ensure that you receive objective advice that takes your personal circumstances and plans into account, but you will also get tangible benefits from accessing their experience and making these important decisions with confidence when met when you meet them when You know this. You have considered and weighed all of the available options. “”