Urgent need for improved financial advice for UK adults

Research conducted for the Nottingham Building Society has shown that UK adults need more access to financial advice on how to save their money, with more than 20 per cent believing that they are not saving enough.

The research surveyed more than 1,000 adults aged 18 and over and found that young people are the most affected, with 30 per cent of under 35s believing that they are not saving enough as a result of not having enough access to financial advice, compared to just 12 per cent of adults aged over 55.

Boost

The research showed that more access to financial advice would help people to boost their savings, with 21 per cent saying that it would help them put away an extra £134 each month.

Respondents revealed how they have struggled to get access to financial advice, with around 20 per cent saying that they have not been able to receive advice on their savings in the past couple of years and 11 per cent struggling to get financial advice on investments.

When it comes to who adults would turn to for advice, more than 70 per cent said that they would consider becoming a customer of a bank or a building society that provides financial advice services.

Help

Nottingham Building Society Chief Executive David Marlow commented: “It is very worrying that people are missing out on saving and investing simply because they struggle to get independent advice.

“The recent rate rise and increased competition among providers means there is more choice than ever but at the same time people clearly need more help to decide what is right for them and their individual circumstances.”