Demand for debt advice grows

According to IFA Promotion, there was a 13 per cent rise in demand this summer in the amount of people looking for advice on becoming debt free and other financial queries.

In a sign that people are heeding calls to plan for their future, there has been a “record number” of people seeking retirement advice, the report adds.

David Elms, chief executive of IFA Promotion, commented: “Our report reflects that… there is still a thriving demand for independent financial advice.

“It is also indicative of consumers’ sustained need for advice on preparing for retirement, which is of course a very positive development.”

The demand for debt advice is likely to grow further as personal debt levels approach £1.3 trillion and utility and council tax bills rise.

While planning for retirement was the information most consumers sought in the report, savings, personal planning, mortgages and other debt advice was also demanded.