UK adults show reluctance to seek professional financial advice

Research commissioned by Mattioli Woods and conducted by YouGov indicates that 26% of UK adults would feel comfortable investing up to £50,000 without professional financial guidance. This trend persists despite 44% of respondents stating they do not feel financially prepared for the future.

While 30% of individuals would seek professional advice for all financial decisions, 21% would feel comfortable managing pension and retirement decisions independently. When facing significant financial choices, 31% would turn to an adviser, whereas 41% would consult family and relatives. Other sources of guidance include banks, building societies, friends, or colleagues.

Key financial concerns for UK adults include rising costs and housing expenses (40%), unexpected health or long-term care costs (39%), and the potential loss of income or inability to work (33%). The study suggests that the average age for beginning long-term financial planning is 28.5 years, increasing to 30 in London and Wales.