It’s all relative: under 35s least likely to seek financial advice from a professional

Money: it’s all relative

As part of our It’s All Relative campaign, we’ve been looking at family finance – and how different generations approach money-focused conversations.

And, according to our latest research, having those conversations could now be more important than ever.

Young people less likely to seek professional advice

We’ve found that people under the age of 35 are the least likely to seek professional financial advice – with just 20% of those we asked saying that they’ve previously sought advice from an IFA.

According to our research – which asked over 3000 people about their attitudes to finances – family and friends are the biggest source of financial advice for those under 35, with 70% of this age group claiming that this is where they seek guidance.

In contrast, the number of people who seek financial advice from an IFA doubles to 40% for those over the age of 55. Interestingly, the number of people in this age group who consult with family and friends about their finances also drops to 53%.

Family focused conversations

It’s clear that different generations turn to very different sources for advice when it comes to all things money – which is why we’ve put a series of guides and articles together to help our customers have those all important conversations. From gifting money for a house deposit, to tackling tricky inheritance tax, or just setting the stage for a productive conversation, we’ve got the tools to help encourage families to talk finance.

Professional advice is a must

But, while it’s important to be able to talk money transparently with family and friends, their advice isn’t the be all and end all, says Emma Graham, our business development director. The role of professional financial advisors cannot be underestimated.

Emma said, “It’s clear from the research that family and friends have a huge influence on all generations when it comes to finances, and in particular, the younger generations. However, it’s important to remember that well-meaning views or personal experiences don’t necessarily mean good advice.

“Seeking advice from family and friends is the most subjective form of guidance, as those closest to you often have thoughts or opinions on how you should live your life, that don’t always match up with your own plans.

“Getting independent advice from a qualified and experienced financial adviser not only ensures you receive objective advice that takes into consideration your own personal circumstances and plans, you’ll receive real value from accessing their expertise and can make those important decisions confidently, knowing you have considered and looked at all the options available to you.”

You can find out more about our It’s All Relative campaign, and the intergenerational study we conducted, here, and in the related articles below.

Related articles