Dispelling the myths about financial advice
45 percent of people admit they spend more time choosing biscuits than planning their financial future
Why? There is a perception that financial planning is the preserve of the rich and the famous. But successful financial planning can make use of any sum of money. So why don’t more people consult a financial planner?
Research carried out for Schroders Personal Wealth last year by Sonar discovered that 45% of people spend more time choosing biscuits than planning their financial futures [1]. When you consider the potential life-changing effects that financial security can have, from retirement planning through to inheritance tax and estate planning, not to mention allocating emergency funds, this reluctance to consult a financial adviser is a mystery.
There are many reasons why people choose not to take financial advice, but five of the most common reasons include:
- I’m not “wealthy”
- I can do it myself
- I can’t afford financial advice