Consumers ‘seeking financial advice’ during credit crunch

Increasing numbers of consumers are seeking independent financial advice (IFA) during the current economic downturn, research has revealed.

Data from Unbiased.co.uk has shown over 125,000 people sought advice on various financial topics over the last three months, with 29 per cent requesting help regarding planning for retirement and 23 per cent seeking assistance over their investments and savings.

Personal protection, which may include advice on becoming debt free, was seen as the biggest growth area, with 18 per cent more people seeking advice on this issue when compared to figures from the fourth quarter of 2007.

Chief executive of Unbiased.co.uk David Elms explained that customers are becoming increasingly worried during the credit crunch.

“As fears of recession loom, consumers need expert advice more than ever, and whole of market IFAs are the best-positioned to serve these needs,” he explained.

Debt among young people is a contributing factor towards society as a whole not contributing enough to savings, insurance expert Al Elliot has claimed.

By Tom Musk