Nearly half of consumers would turn to regulated financial advisers when seeking financial advice, according to a new wealth report.
The report for M&G Wealth found that 45% of people would be happy to seek help on money matters from a financial adviser.
The research suggests that despite some recent reports, financial advisers remain popular and many families are now sharing advisers to discuss intergenerational wealth transfer.
The pandemic seems to have spurred the demand for advice among families.
The report found that over the last five years, over half (57%) of those surveyed have spoken to the same adviser about financial matters as their parents or children.
The report also highlighted a growing trend among UK savers for digital financial advice. Almost a third (28%) stated they would turn to financial influencers – so-called ‘finfluencers’ – as a source of financial advice and 22% refer to websites and a quarter (25%) use search engines.
Accessing financial advice remotely has become more popular, the report found. The report said the percentage of people ‘comfortable’ with accessing remote advice had risen from 76% pre-pandemic to 85% now. The percentage uncomfortable with accessing remote advice has fallen from 19% to 13%.
Factors such as the rising cost of living, inflation increases, and the pandemic’s push towards a digital world, have changed how the public approaches money, the report said.
The report also found that a growing number of couples (16%) were opting to speak more openly to their partners, and children (14%) to their parents, on financial issues and money concerns.
M&G Wealth’s ‘The Family Wealth Unlocked’ report looks at intergenerational planning and wealth transfer. It found that financial conversations were “ back on the table” with couples and families seeking advice from each other.
According to the research, 28% of Generation Z (aged 18-23) and almost a fifth, 18%, of Millennials (aged 24-38) are consulting parents on finance.
Cat McInally, ESG investment expert at M&G Wealth, said: “Attitudes towards money management are changing, prompting more conversations to happen, especially between families on the future of their finances.
“The growth in digital resources has really helped open up the availability of information and discussion around Financial Planning and social media can be a great source of information as long as you verify the content.
“Comfortingly, with over a third (36%) using the same financial adviser as their parents and grandparents many are also gaining professional assistance. They’ve gone on to say that this is because it would ensure the family is aware of each other’s financial situation.
“Many of the families we spoke to are also investing in each other’s financial futures, with over a third (36%) using the same financial adviser as their parents and grandparents.”
A full version report can be found on pruadviser.co.uk.
