A new report from St. James’s Place has suggested as many as 24.6m people in the UK are missing major life goals due to a lack of financial advice.
The figures, from one of the UK’s largest wealth managers and advice providers, were published as the first part of a survey of just under 12,000 individuals to understand how financial advice and guidance of all forms impacts individuals and families across the UK.
St. James’s Place reported that 24.6m people have never accessed any kind of financial advice or guidance.
Meanwhile, perceived barriers to financial advice have deterred 11m UK adults from seeking support
According to the report, there were three main reasons why individuals failed to seek financial advice.
A thrid of respondents said their personal situation was too simple to require advice.
While nearly 10 per cent of respondents said they hadn’t considered advice because they weren’t aware of its potential benefits.
Up to 14 per cent of people also said they believed it was “either too early or too late to take advice.”
The figures illustrate the stark wealth advice gap in the UK.
The findings from the St James’s Place study also highlighted the benefits of taking advice.
Of the 12,000 people surveyed, almost half said taking financial advice had enabled them to reach a specific life goal or tackle one of life’s hurdles.
Two thirds reported an improvement in their quality of life – rising to 75 per cent for those who receive ongoing financial advice.
While 84 per cent said taking financial advice had benefitted them mentally or emotionally.
Mark Fitzpatrick, CEO of St. James’s Place, said: “While more advice or greater access to financial guidance won’t solve all of the challenges people face today, it can help people from all walks of life to establish a sense of financial control.
He added: “At a time when the wealth gap between the generations continues to grow, the first rung of the housing ladder feels further out of reach and the responsibility for our retirement falls more firmly on our shoulders, our industry must do more to break down the barriers and connect people with the support they could benefit from. Until we do this, millions will stop short of aspirations that are well within their reach.”