Nearly half of savers with at least £15,000 to their name believe there is no need to use an investment adviser until that have more than £25,000.
A survey of more than 8,000 adults, a quarter of which had £15,000 in savings, conducted on behalf of HSBC shows that savers are more likely to turn to the internet, the media, or family members for help with where to invest their money.
More than half of those with at least £15,000 set aside said they had never sought advice from a professional IFA. 49 per cent said they would turn to the internet. 9 per cent said they did not know how to get started.
HSBC head of UK Premier and Wealth Insight Michelle Andrews said: “A lot of people don’t consider themselves wealthy and the very term can put people off…Our research told us that a lot of people don’t have time to consider wealth management. However investment advice doesn’t have to take hours – you can contact advisors over the phone at a time that works for you if a face to face meeting doesn’t work for your schedule.”
HSBC announced in June it would roll out an online advice service for those with less than £15,000.