The Financial Services Compensation Scheme (FSCS) recently released a report highlighting the findings of their research into UK adults who are not seeking regulated financial advice. The report found that only a small percentage of UK adults are actively seeking regulated financial advice, with the majority of people relying on their own knowledge and research to make financial decisions.
The FSCS found that only 5% of UK adults had sought regulated financial advice in the past year, with the majority of people relying on their own research and knowledge to make financial decisions. The report also found that the majority of people who did seek advice were over the age of 45, with only a small percentage of younger people seeking advice.
The report also found that the majority of people who did seek advice were more likely to be higher earners and had higher levels of financial literacy. This suggests that those who are more financially literate are more likely to seek regulated financial advice, while those who are less financially literate may be more likely to rely on their own research and knowledge.
The FSCS also found that the majority of people who did not seek advice were more likely to be risk-averse, with only a small percentage of people taking risks with their finances. This suggests that those who are more risk-averse may be less likely to seek regulated financial advice, as they may be more comfortable making decisions based on their own research and knowledge.
Overall, the findings from the FSCS report suggest that only a small percentage of UK adults are actively seeking regulated financial advice, with the majority of people relying on their own research and knowledge to make financial decisions. The report also found that those who do seek advice are more likely to be higher earners and have higher levels of financial literacy, while those who do not seek advice are more likely to be risk-averse. These findings highlight the importance of financial literacy and suggest that more needs to be done to ensure that people have access to the information and advice they need to make informed financial decisions.