A recent survey conducted by the Financial Conduct Authority (FCA) has revealed that only 8.6% of UK adults sought regulated financial advice on investments, pensions, or retirement planning within the past 12 months. The data highlights a relatively low engagement with professional financial services among the general public, raising potential concerns about informed financial decision-making and long-term financial wellbeing.
The FCA’s findings come amid increasing emphasis on financial literacy and proactive retirement planning, especially as the UK faces an aging population and evolving economic challenges. Despite the availability of regulated advisors and educational resources, a significant portion of the population continues to either rely on informal sources of information or make investment decisions without expert guidance.
The regulator has not yet disclosed further details about demographic breakdowns or the reasons behind the low uptake but suggests that cost, accessibility, or a lack of awareness may be contributing factors. Increasing access to affordable, reliable financial advice remains a key objective for the FCA as it seeks to improve outcomes for consumers in the financial services market.
To address this gap, the FCA and other industry bodies have been exploring initiatives such as simplified advice models and digital tools to better serve consumers who might be underserved by traditional financial advisory services.
The survey results underscore the importance of continued efforts to educate the public about the value of regulated financial advice and ensure that such services are both accessible and trusted by the broader population.
Source: https:// – Courtesy of the original publisher.
