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Just 14% receive financial advice: BlackRock

Only 14 per cent of British adults currently receive professional financial advice, according to a survey carried out by BlackRock.

The same research showed that 29 per cent of 65 to 74-year-olds said they would encourage those starting to save for retirement to seek professional financial advice, while an overwhelming 96 per cent of those who took advice were satisfied with it.

The survey was carried out in conjunction with research group Cicero with 17,600 people aged between 25 and 74 across 12 countries, including 2,000 respondents from the UK.

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Across the country six in 10 people take financial planning seriously, meaning they are twice as likely to feel in control (58 per cent) and confident (60 per cent) about their financial futures, than those who do not get advice.

Alex Hoctor-Duncan, head of EMEA retail at BlackRock, stated when facing big events in life it is important that people are able to make informed decisions about managing and accessing their hard earned money.

He saidL “It is clear that advice is highly valued by savers when they take it, and this could make a world of a difference in feeling prepared ahead of those life changing moments.”

Last month BlackRock launched its Plan for Income range of funds, along with an interactive tool for advisers to help clients save for life’s ‘big moments’.