Financial decisions… Are we confident making them
A recent study by PwC and YouGov has found that almost 9 in 10 individuals feel confident or very confident in making financial decisions. However, the same research suggests that this confidence may be misplaced. When asked basic multiple-choice questions about finances, many struggled to provide the correct answer.
Another finding was that higher earners were more likely to answer questions correctly. Does this suggest there is an advice gap? With those on lower incomes either choosing not to seek financial advice or perhaps not knowing where to find it?
Awareness and making financial decisions
If so, this suggests there’s still plenty of work to be done to boost financial literacy levels andgive people the knowledge and information needed to save and invest.
According to the PwC survey, 24% of respondents don’t seek financial advice from anyone at all. Whilst only 26% turn to financial institutions such as banks. Significantly, 39% go to friends and family for advice and 38% rely on internet search engines.
Whilst having some financial awareness is better than none, we can’t express enough how important it is to speak with a professional, regulated adviser when managing your money.
By turning to family, friends or a page on the internet, can you really be sure you’re getting accurate information? And is this advice tailored to your needs? Of course not.
Feel empowered when making financial decisions
If you want to feel empowered to make informed decisions that reflect your goals in life and genuinely help you work towards them, speaking with a professional is the best way to achieve this.
A professional financial adviser will take a holistic look at you, your finances and your goals to offer advice that’s in your best interests.
That means you can feel confident that you’re on course to achieve your objectives and enjoy greater peace of mind and certainty.
Seeking advice from a professional, regulated adviser
If you do have any questions, please don’t hesitate to get in touch. One of our advisers will be happy to speak with you.
*Your capital is at risk. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested.