Three quarters of savers and investors in the UK would rather make a financial decision alone than pay for advice, according to a survey from Fidelity International.
The survey, run by TNS Sofres asked 9,000 savers in 11 countries how they make their financial decisions and showed that 72 per cent of the UK’s savers and investors claim to make decisions on their own.
However, It also showed that British investors are more willing to pay fees for financial advice than Belgians but less willing than investors in Germany. And according to the results more than half of British savers and investors (64 per cent) were most influenced by family and friends, industry professionals, or the media when they last bought a financial product.
The number who went to see a professional was just 40 per cent and the number basing their decision on a product provider website was greater than in any other country at 15 per cent.
Tom Stevenson, Investment Director at Fidelity International, said “What is clear is that savers want to access to different types of help, ranging from full independent advice to simple guidance for more-self directed investors.
“The web is increasing in its significance as more people look for information online and this demand for web-based information is only set grow.”
In terms of age groups seeking advice with their investments those over 35 were shown as almost twice as likely to visit an independent financial adviser as their younger counterparts.
The survey also looked at adviser fees and found only 46 per cent would be willing to pay fees based on an advisers' time.
Tom Stevenson said: “The industry as a whole needs to convince savers of the value of advice, that it is worth paying for and that there are a number of options available to them. Many of those people who are put off by an upfront fee may not realise there are alternatives, such as agreeing an ongoing fee with their adviser.
"For those that choose not to access independent financial advice, we need to ensure they are able to access information that is simple, transparent and offers a manageable level of choice."
Fidelity International has also identified ten areas that consumers would like extra help with from their financial service providers, which includes, proving the value of advice before they pay for it, cut down on the amount of jargon used and give the investor more control.
Tom Stevenson added: “Savings in the UK are at an all-time low, partly as a consequence of a lack of confidence and trust among investors in financial services. More needs to be done to ensure consumers' interests are at the forefront of future regulatory policy, that there is fairer and more open access to products and advice and that a culture of long-term savings is encouraged and facilitated.
“We hope this survey will encourage constructive and positive debate and stimulate an improvement in customer confidence through simpler and more transparent products and advice and better choice and value.”
For savings and investments deals click here »
© Fair Investment Company Ltd