Have you ever used financial advice for investing? Vote in our poll
That worked out to the equivalent of 4.6 million UK adults, based on the 17,950 participants in the Financial Conduct Authority's (FCA) 2024 Financial Lives survey, which was published on Friday.
This figure was only slightly higher from the 8.3% — the equivalent of 4.4 million adults — that said they had received regulated financial advice in the previous year, in the FCA's 2022 survey.
Meanwhile, three in eight (37%) UK adults used information or guidance in the last 12 months to help make decisions about investments, saving into a pension or retirement planning, according to the survey. The most common sources included government‑backed services like Citizens Advice, MoneyHelper and Pension Wise (17%) and private sector money advice websites (15%).
Focusing on investments specifically, the FCA's survey found that Google (GOOG) search remained the most commonly-used source of information — used by 29% of investors in the past 12 months. That was followed by private sector money advice websites (24%), family or friends (22%) and a financial adviser, accountant, stock-broker or other financial professional (21%).
Read more: Stocks to watch this week: Palo Alto Networks, Analog Devices, Marks & Spencer, Greggs and easyJet
The survey also found that 39% of UK adults — the equivalent of 21.2 million — held investments in 2024. Excluding those with an investment property or other real investments (such as wine, art or jewellery) but with no other investment products, this proportion fell to 35%, which was down from 37% in 2022.
In addition, 61% of adults with £10,000 or more in investible assets held all or at least three-quarters of these assets in cash.
Chris Cummings, CEO of trade body the Investment Association, said: "We must create a culture of inclusive investment that educates and encourages people across the country to make financial decisions that benefit them both now and for the long-term.
"This includes looking at options for ISA reforms to better support long-term investment, improving access to financial advice and modernising the retail disclosure framework to shift the focus from warning to informing and empowering consumers."
Have you ever received financial advice to help with investing? Vote in our poll below.
Yahoo UK's poll of the week lets you vote and indicate your strength of feeling on one of the week's hot topics. After the poll closes, we'll publish and analyse the results each Friday, giving readers the chance to see how polarising a topic has become and if their view chimes with other Yahoo UK readers.
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