Results of a recent survey have revealed that consumers believe they could be saving an extra £130 per month if they had greater financial advice.
The research commissioned by Nottingham Building Society indicates that 21% of respondents feel that an absence of advice means they aren’t saving as much as they could. As a result, they could therefore be missing out on an estimated £1,600 per annum.
The figure is even more significant for those aged under 35, with almost a third feeling as though they’re not saving as much as they could due to the lack of advice.
Whilst some may not have sought the financial assistance they need, others have, citing access difficulties as a key barrier to obtaining advice. This was the case for 11% of those seeking investment advice, and 20% of those in search of guidance on savings.
Commenting on the struggle for consumers was David Marlow. The Nottingham Building Society Chief Executive stated that despite the growth in choice for consumers, more needs to be done by organisations to improve awareness of advice availability.
“It is very worrying that people are missing out on saving and investing simply because they struggle to get independent advice.
“The recent rate rise and increased competition among providers means there is more choice than ever but at the same time people clearly need more help to decide what is right for them and their individual circumstances.”
“Branch closures are making it difficult for savers to get the advice they need to make major financial decisions. As a mutual building society, we have a significant role to play in helping members to plan for the future which is why we are expanding our branch network and providing our unique combination of advice and service all available under one roof.”
