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May 2023 - Financial Services

46% of UK adults believe that getting professional financial advice is better than doing it themselves: A survey of UK adults has revealed that almost half believe that seeking out professional financial advice is better than trying to do it themselves. 

The survey by YouGov for insurance platform provider, Paymentshield, polled 2,139 UK adults and found that the proportion of people believing it beneficial to seek professional financial advice to guide them in their financial decisions and ventures has risen by 22% in the past 12 months.

More than half the survey respondents polled said they had never had help from a financial professional, however, a fifth of participants said they would be likely to seek advice this year.

Respondents most likely to turn to a financial professional in the coming year was those aged 25 to 34-years, with the respondents typically first-time buyers, found the survey. Respondents in this age group were also more likley to say that finances were currently their greatest worry (45%).

The current cost of living crisis is also having an impact on people with regards to the financial products they choose, with just over half (51%) saying they would be scrutinising products more closely this year in order to manage their finances and save money.

Louise Pengelly, proposition director at Paymentshield said of the findings: “This research clearly shows that in the current market, consumers value the expertise and reassurance they can get from financial advice, instead of opting for DIY approaches that many providers push."

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