Young people today are recognising the importance of financial advice more than ever, with over half of under-35s seeing its benefits. This understanding, however, comes with challenges, as many are unsure where to seek this advice.
- A survey by Canada Life reveals that 52% of those under 35 view professional financial advice as beneficial.
- Despite recognising its importance, 42% of young people are uncertain about where to find financial advice.
- Less than a quarter of under-35s have actually utilised an Independent Financial Adviser (IFA).
- Older individuals are more inclined to use financial advice compared to younger generations.
In a recent survey conducted by Canada Life, it has been highlighted that a significant proportion of young individuals, specifically those under the age of 35, acknowledge the substantial benefits that professional financial advice can provide. This demographic recognises the intrinsic value such guidance offers in navigating the often complex financial landscape.
Despite this apparent appreciation for financial advice, there remains a notable gap when it comes to access and utilisation. Alarmingly, 42% of this age group admit to being uncertain about where to turn for such advice. This reflects a crucial disconnect between understanding the value of financial advice and knowing how to obtain it.
The survey further reveals that a mere 23% of under-35s have consulted with an Independent Financial Adviser (IFA). This indicates potential barriers, whether perceived or actual, preventing young people from seeking the professional guidance they acknowledge as valuable.
Analysis shows that there is a correlation between age and the likelihood of using financial advice services. Older individuals, particularly those aged 55 and above, display a higher propensity to engage with professional advisers and IFAs. This trend suggests that experience or perhaps greater financial complexity with age, drives the inclination towards seeking financial counsel.
The findings underscore a pressing need for improved access to financial advice for younger generations who see its value but struggle to find it.
