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Financial advice? We’ll go it alone, say over-55s
Eighty five per cent of over-55s said they preferred the “do it yourself” approach when it came to financial decisions, according to a survey.
Those approaching retirement are least likely to take any form of financial advice, according to new research by All About Money, a personal finance website, the Daily Telegraph reports.
The average take-up for financial advice was one in two across all age groups, compared with only one in 10 among the over-55s.
But investors aged 55 or more who did seek financial help said they were most likely to take professional advice from an independent financial adviser (IFA).
One in five over-55s used an IFA, compared with only 14% of 18 to 24-year-olds.
Despite the younger generation asking for financial advice more than their elders, they favoured a more personal approach, with 30% asking their parents for help.
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They were also more likely to seek financial advice from friends and family (20%), work colleagues (8.2%) or free advice services (11.8%), while 36% chose not to receive any help at all.