Consumers content without financial advice

Over 21 million adults – 46 per cent of the Defaqto survey – said they do not want or believe they would ever need financial advice.

Neil Morgan, Defaqto’s sales and marketing director, appeared concerned over these findings: “It is still the case that millions of consumers still do not believe independent advice is appropriate for them and this is a market that independent financial advisors should be trying to reach.”

Contentment with financial ignorance comes despite Citizens Advice’s recent statement that the amount of people they consulted for serious debt had risen rapidly.

Yet while many people believe that they can thrive without financial advice, those that do turn to it prefer to receive impartial advice and to use this advice to help them save money.

However, with a growing number of experts calling for better financial education as debt levels rise, it could mean that more consumers will soon start realising the dangers of remaining ignorant about money.