One in four UK adults, 26%, say they would feel comfortable investing up to £50,000 without speaking to a professional financial adviser.
Despite that nearly half (44%) say they do not feel financially prepared for the future.
The research from wealth manager Mattioli Woods reveals a notable concern between UK adults’ fears about their financial future and their approach to making significant financial decisions, the firm said.
While 30% said they would seek professional advice for all financial decisions, one in five (21%) would feel comfortable making pension and retirement decisions without guidance, leaving a significant portion of UK adults without impactful advice.
Respondents revealed that when facing an impactful finance decision for the future, 31% would turn to a professional financial adviser. Notably, those aged 55+ are more likely to turn to an adviser for guidance. The research also revealed, however, that 41% of respondents would reach out to family and relatives. This was followed by turning to a bank or building society, then friends or colleagues. Meanwhile, 10% said they would make the decision themselves.
People identified several significant threats to their long-term financial health, with 40% fearful of rising costs and housing expenses. A further 39% said they are worried about unexpected health or long-term care costs, while 33% are concerned about being unable to work or losing income.
The research showed people believe they should begin planning for their long-term financial future at an average age of 28 and a half years. That rises to 30 among respondents in London and Wales.
Amit Joshi, managing director of wealth at Mattioli Woods said: “It is understandable that people turn to family and friends when faced with an important financial decision. However, decisions around investments, pensions and long-term financial planning can have unanticipated and significant consequences that last decades.
“With tax, pension and inheritance rules continuing to evolve, professional advice and expertise can help people understand their options and make informed decisions based on their individual circumstances and long-term goals.”
• Research carried out by YouGov with 2,078 UK adults between 2-3 September.