Almost a quarter (23%) of under-35s value professional financial advice more than they did before the start of the Coronavirus pandemic, according to a new report.

One in eight (12%) of all UK adults value professional financial advice more highly, according to the survey by advice network The Openwork Partnership.

One in six (16%) of those surveyed said they benefited from professional advice as the value of their investments had grown as a result of taking advice.

Some 12% said advice helped them avoid making mistakes with their mortgage and 11% said they benefited from advice due to it resulting in the value of their pension increasing.

However, almost half (45%) of the UK adults surveyed by the advice network had never seen an adviser. Half (48%) of under-35s had never had professional advice.

Only one in ten (9%) of those surveyed said they have a financial adviser they see regularly. An additional 11% said they had seen a financial adviser in the past year as a direct result of the pandemic.

Mike Morrow, chief commercial officer at The Openwork Partnership, said: “Professional financial advice has been vital during the pandemic and delivered significant benefits for millions of people when they have needed help.

“Millions now recognise the value of professional advice and the practical impact of advice in helping to increase the value of investments and secure mortgages. Just as importantly people acknowledge they have taken action on protection which they would not have considered without support from an adviser.”

London was the region where recognition of the value of advice had increased the most and was also the region where people were most likely to have seen an adviser in the past year. Over a quarter (26%) of Londoners said they value advice more and 22% had sought professional financial advice in the past year.

• Research was conducted among 2,001 UK adults aged 18-plus weighted to be nationally representative using an online methodology by independent researchers Opinium between 2 July and 6 July.