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One in three savers struggling to access advice

One in three savers struggling to access advice

Despite a growing need for financial advice, many are still uncertain about how to access it, according to Openwork.

Research from the financial advice network found abound a third (33 per cent) of adults were uncertain about where to access financial advice, with women (35 per cent) more uncertain than men (30 per cent).

The younger generation struggle most to find financial support as more than half (51 per cent) of 18-24 year olds do not know where to get advice. 

Openwork said this was particularly worrying since many younger people will only just have started to save for retirement and it is critical that they are given the right guidance as early as possible. 

The research also found despite a growing shift towards increased use of technology the majority of adults (75 per cent) would prefer face-to-face advice.

Over two thirds (67 per cent) agreed robo-advice would not be appropriate for their specific needs, with both 18-24 year olds (71 per cent) and those aged 55-64 (73 per cent) saying they were unsure about the benefits of this type of advice.

Mike Morrow, wealth and platform director at Openwork, said: “Despite the growing demand for expert financial advice it is worrying to think that as we enter a new decade so many people don’t know where to access financial advice.

“There are many helpful online tools such as The Pension Advisory Service, The Money Advice Service and Unbiased.co.uk, however much more needs to be done by the industry and the government to help people access the financial advice they both need and deserve."

He added: “At Openwork, expanding access to face to face financial advice is a strategic priority and, in order to meet the growing demand, we will continue to recruit and train more advisers.”

amy.austin@ft.com

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