By Daniel Lanyon on 28th November 2017
Younger savers and investors want more advice, financial advice.
More than one in five adults are saving or investing less than they can afford because they cannot access financial advice, according to new research.
The Nottingham Building Society, who undertook the research, found 21 per cent of adults are are not saving as much as they can and estimate they could put away an extra £134 a month – on average – if they could get independent financial advice on their cash.
Among younger savers are by far the worst affected by the lack of advice. Nearly a third (30 per cent) of under-35s say they are not saving enough compared with just 12 per cent of the over-55s questioned.
David Marlow, chief executive of The Nottingham Building Society said the numbers are “very worrying” as they show 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,” he said.
“We would urge other banks and building societies to review the services their branches offer to make them more appealing and if they are planning closures we’d urge them to spend more time trying to find a competitor that can open new branches in their place,” he added.