The reasons for consumers failing to seek out a Financial Planner are to be investigated in a major global project involving the IFP.

The Financial Planning Standards Board will undertake the study, said to be the first of its kind, with the help of 19 FPSB member organisations.

Nearly 20,000 consumers will take part in the research, which aims to find out what barriers are deterring people from going to see a planner.

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Steve Gazzard CFP^CM, chief executive of the IFP, said: “We expect consumer attitudes toward money and Financial Planning may vary according to their geographic, socioeconomic, educational and cultural experience.

“Conducting this research will help us better understand consumer motivations around financial well-being and communicate with UK consumers about Financial Planning. The results will also help us evaluate our consumer initiatives against global benchmarks.”

Noel Maye, FPSB chief executive, said: “FPSB is pleased to have the IFP participate in this important research initiative, and we look forward to identifying and comparing consumer attitudes towards Financial Planning around the world.

“Having this research is an important step in launching globally-aligned promotional campaigns to educate consumers and connecting them with competent, ethical financial planners who are committed to placing clients’ interests first.”

FPSB member organisations, found in 26 countries and territories globally, support raising consumer awareness of Financial Planning and CFP certification, he said, adding they are committed to the research as part of a “global strategy to empower consumers to take control of their lives through personal Financial Planning”.

The global study will target a sample of 1,000 investors in each participating territory. FPSB expects to conduct the research in Q3 and announce the results later this year.

GfK, a global research firm with extensive experience in the financial services sector, will conduct the research.