By Daniel Hunter
New research from unbiased.co.uk's GetAdvised campaign shows that independent financial advice has been a staple in the UK's search for financial help and guidance.
And according to unbiased.co.uk, the find an adviser search, banks, friends and independent financial advisers top the list of most popular sources for Britons looking for financial information in the last five years.
Almost one in five Brits (19%) have sought advice from an independent financial adviser in the last five years, rising to almost a quarter (24%) of the nation's over 60s. Looking at the UK's overall usage for advice, 29% of Brits state they've sought advice from a financial adviser in their lifetime.
Unbiased.co.uk's GetAdvised campaign aims to engage consumers with their finances, highlighting the importance of professional, whole of market advice.
Despite the rise of DIY finance offerings, when looking at consumers' confidence in tackling their finances without professional help, the need for advice clearly stands out. While over half of the nation states they would be confident in arranging a residential mortgage without the help of an adviser, this number drastically reduces when looking at areas such as SIPPs, annuity purchases and inheritance tax planning, with 24%, 27% and 27% retrospectively.
Karen Barrett, Chief Executive of unbiased.co.uk, comments: "It's encouraging to see that for the past five years, UK consumers have continued to reach out to advisers for help and guidance. Our research has highlighted there are times when professional financial advice is essential in making the life decisions that can have a considerable financial impact.
"When it comes to SIPPs, annuity purchases and inheritance tax planning, consumers clearly feel least confident in making DIY decisions. These are areas where speaking to a financial adviser can make sure you make the right choices for your specific life goals."
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