Research from Hodge has revealed that those under the age of 35 are the least likely to seek professional financial advice, with just 20% saying that they have previously sought advice from an IFA.
According to the research – which asked over 3000 people about their attitudes to finances – family and friends are the biggest source of financial advice for those under 35, with 70% of this age group claiming that this is where they seek guidance.
In contrast, the number of people who seek financial advice from an IFA doubles to 40% for those over the age of 55. In turn, the number of people in this age group who consult with family and friends about their finances drops to 53%.
Emma Graham, Business Development Director at Hodge said on the findings, “It’s clear from the research that family and friends have a huge influence on all generations when it comes to finances, and in particular, the younger generations. However, it’s important to remember that well-meaning views or personal experiences doesn’t necessarily mean good advice.
“Seeking advice from family and friends is the most subjective form of guidance, as those closest to you often have thoughts or opinions on how you should live your life, that don’t always match up with your own plans.
“Getting independent advice from a qualified and experienced financial adviser not only ensures you receive objective advice that takes into consideration your own personal circumstances and plans, you’ll receive real value from accessing their expertise and can make those important decisions confidently, knowing you have considered and looked at all the options available to you.”
The findings come from an intergenerational study conducted by Hodge, who interviewed over 3000 people about their attitudes towards finances and their aspirations for the future. The study “It’s all relative” is part of a campaign from Hodge to get families being more open about their finances. The full research findings can be found at https://hodgebank.co.uk/2020/05/19/money-its-all-relative/.
Helpful Resource Depending On Your Requirements