The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018
Key Themes Education It is clear throughout the white paper that as a profession, we need to work harder to educate our audience on their financial position, their options and the importance of financial advice. The results of the survey showed that:
Respondents didnâ€™t fully understand a lot of the terminology commonly used to describe pensions. As individuals now have more freedom over how they access their pension pots, this understanding is paramount.
There was limited understanding of where to seek financial advice, especially on retirement. We need to show the value of financial planning and highlight the importance of starting to plan early.
Cash savings remain popular, perhaps showing that other saving and investment options are deemed too complicated. We need to look at how we demystify investments.
49% of respondents had not reviewed their portfolios in any way over the last 12 months, we need to educate the public on why it is so important to review their savings and investments.
The advice of family and friends was valued as higher than that of an IFA highlighting the need to raise awareness of the importance of professional financial advice and how we can add value.
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Published on Dec 6, 2017