61% of under-35s would benefit from regular financial advice – Openwork

More than half of all UK adults as well as 61% of those aged under 35 years old would benefit from regular financial advice, according to new research from Openwork.

The financial advice network said this underlines the need for an expansion in adviser numbers in 2020.

The survey, which conducted research amongst 1,010 adults in October 2019, found similar strong levels of demand for support at work – with 45% of all those questioned believing their employer should offer financial guidance – and younger workers particularly interested in help. Around 51% of respondents aged between 18 and 24 years old suggested they would like financial advice at work.

Openwork’s research into customer demand for financial advice also revealed that around just one in eight adults in the UK regularly see an adviser.

“As we head into 2020, it is crystal clear that the need for high quality financial advice remains as strong as ever,” said Openwork director of learning and acquisition, Claire Limon.

“Expanding the number of advisers in the UK is vital and at Openwork we believe that all ages and backgrounds have the potential to make career changes and are making the support available for anyone considering a new job in a different sector.”

Furthermore, the most recent data from the Personal Investment Management and Financial Advice Association (PIFMA) suggested that 26,000 advisers are currently practicing – compared with 22,000 in 2013.

Openwork said it believes the advice industry must expand to help people take control of their financial futures, with the research showing more than one in four UK adults are unsure about their financial situation.

Limon continued: “The growth of the Openwork Academy is a testament to our commitment to increase access to advice across the UK, enabling people to receive the help they need to create and protect their wealth.

“The Academy programme is also tackling the current gender imbalance in the financial advice industry, with women representing 38% of this year’s current intake.”

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