Over four in five (84%) of high earners between the age of 18 and 44 would consider taking financial advice, according to a new report.
Young high earners were considerably more likely to consider financial advice than their older counterparts, according to a survey of 2,000 savers who had never taken financial advice from wealth manager Quilter.
Overall, three in five (57%) said they are likely to seek financial advice at some point in the future. Women were more receptive to the idea, with 62% saying they are likely to seek advice compared with 54% of men.
In terms of how they would like to engage with a financial adviser, 49% would consider a one-off financial review, while 40% would be open to targeted support propositions.
Amongst young high earners, 56% would consider comprehensive advice, 51% would consider targeted support, and 37% would like a one-off ISA review.
Despite being open to receiving advice, many consumers did not fully understand what support financial advisers can provide.
Three quarters (76%) recognised that advisers can provide a financial plan and investment recommendations, but 44% were unaware advisers can help with tax planning, and 60% were unaware advisers can help consolidate pensions.
Holly Mackay, CEO of Boring Money, said: “Consumers have more access than ever to information but the need for trusted validation is correspondingly high. Volatile markets, stretched public purses, increasing taxes and moving pension goalposts have arguably made our personal financial lives more complex than ever. For those with more complex situations the need for advice is as high as it’s ever been.”
Boring Money surveyed 2,002 UK adults on behalf of Quilter, , including non-advised savers and investors with £50,000+ in savings and investments, alongside qualitative focus groups with DIY investors and savers.