[date-today format='F j, Y']

Brits’ most common reasons for seeking financial advice revealed

A new study has revealed the main reasons for seeking financial advice among men and women. Sean Lapointe explores what the study shows. The post Brits’...
human hand holding plasma ball
Photo by Ramón Salinero

According to a new study by Canada Life, ‘retirement or pension planning’ is the most common reason for seeking financial advice among both men and women in the UK. The study also revealed some of the other financial issues that people often seek advice on, as well as where people usually seek advice.

Here’s a breakdown of the survey’s findings and a look at whether getting financial advice is actually worth it.


Why do Brits seek financial advice?

Canada Life surveyed 3,000 people with one of the survey’s key goals being to find out the main financial issues for which people usually seek advice.

The survey showed that among those with a financial adviser, the most common response for both men and women was ‘retirement or pension planning’, at 50% and 42%, respectively.

‘Tax planning’ and ‘finding investments’ tied in second place for both genders (47% for men and 35% for women). 

For men, this was followed by ‘wealth and inheritance planning’ (38%), while for women, it was followed by ‘finding a mortgage’ (34%). 

Here is a comprehensive list of the most common financial issues that men and women seek advice on.

Q. What do you use your financial adviser for?



Retirement or pension planning



Wealth and inheritance planning



Finding investments



Finding a mortgage



Achieving specific financial goals



Tax planning



Life coaching/planning



Finding life insurance, critical illness or income protection products



Later-life and care planning






What else did the study reveal?

Canada Life also investigated where people seek financial advice.

They found that women will mostly go to their families for financial advice (42%). Other sources of advice that members of this gender turn to are money advice websites (35%), financial advisers (27%), friends and colleagues (23%), and government websites or helplines (20%).

Men, on the other hand, prefer getting their advice from money advice websites (35%) and financial advisers (30%). Only 27% reported seeking financial advice from family.


Is pension or retirement planning advice worth it?

Pension planning can be complicated. There are often many issues to address and decisions to make. For example, how much money do you need to put aside for retirement? Which is the best way to save money for retirement? At what age can you comfortably retire?

Basically, it’s easy to get overwhelmed. That’s precisely what happens to many people who then end up adopting a ‘hands-off’ approach to their pension. Unfortunately, this often results in them retiring with insufficient savings.

A report by the Social Market Foundation (SMF) actually found that British over-50s are currently approaching retirement with a pension shortfall of almost £250,000.

The main reason for this huge deficit is the adoption of a hands-off approach by many people to their pensions and a huge gap in knowledge and understanding of pensions and savings. 

This is why it might be worth getting financial advice on retirement planning if possible.

A financial adviser can help you assess your current financial situation as well as your future goals. They can then help you develop a suitable pension savings plan to ensure a comfortable retirement.

Studies actually reveal that people who get professional financial advice tend to be more confident and prepared for retirement.

For example, the study by SMF showed that almost half of those who get professional advice have a reasonably accurate picture of the amount of pension savings they will need.

Meanwhile, another study by LV revealed that 65% of those who get financial advice have confidence that they will have saved enough for retirement.

Where can you get a good financial adviser?

One great resource is the Retirement Directory Advisory on the Money Helper website.

You can also use a site like that can connect you to over 27,000 FCA-regulated and qualified professionals. Check out our review of to see its pros and cons and whether it could be right for you in terms of finding an appropriate financial adviser.

The post Brits’ most common reasons for seeking financial advice revealed appeared first on The Motley Fool UK.

Is this little-known company the next ‘Monster’ IPO?

Right now, this ‘screaming BUY’ stock is trading at a steep discount from its IPO price, but it looks like the sky is the limit in the years ahead.

Because this North American company is the clear leader in its field which is estimated to be worth US$261 BILLION by 2025.

The Motley Fool UK analyst team has just published a comprehensive report that shows you exactly why we believe it has so much upside potential.

But I warn you, you’ll need to act quickly, given how fast this ‘Monster IPO’ is already moving.

Click here to see how you can get a copy of this report for yourself today

More reading

A top investment trust I’d buy for passive income
The hidden danger of trading apps: how investing can quickly become gambling!
After falling 70%, I’d buy this FTSE 250 stock
Evraz share price frozen: what investors need to know
4 Warren Buffett tips I’m following to buy UK stocks before the ISA deadline





© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News