UK consumers are still going to professional advisers for help with their finances
New figures from Unbiased.co.uk, the find an Independent Financial Adviser search, reveal that as the UK continues to feel the effects of the global financial crisis, over 125,000 consumers have sought guidance from an independent financial adviser in the last three months. Nearly 30 per cent of searches for local IFAs through the ‘Find an IFA' service, requested advice on personal retirement planning, as consumers continue to worry about how the credit crunch will affect their pensions. The figures also reveal how more consumers (now at a high of six per cent of all searches) are searching for advice on personal protection, as fears of a recession force many consumers to contemplate losing their jobs. Unbiased.co.uk's Advice Drivers report demonstrates once again consumers' commitment to independent financial advice, with Unbiased.co.uk receiving over half a million requests for details of local IFAs in the last 12 months. Consumers are not searching for advice on mortgages as much as they did in the past - with searches for details of a local IFA to advise them on this area dropping by 41 per cent compared to this time last year. The Advice Drivers report highlights personal protection as the largest growth area for advice, with nearly 4,000 requests for advice on the subject in the last three months - an increase of 18 per cent on the final quarter of 2007. David Elms, chief executive of Unbiased.co.uk, commented: "Our latest report demonstrates that as consumers continue to worry how the credit crunch will affect their savings and pensions, they are putting their faith in IFAs to guide them. As fears of recession loom, consumers need expert advice more than ever, and whole-of-market IFAs are the best-positioned to serve these needs. It is also reassuring that with increased interest in personal protection, consumers are seeking the gold standard of advice in order to decide on whether such products are appropriate to them.
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Date: 30th, October, 2008 |
Author: Ben Wilkie |
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