One in five consumers plan to seek advice for the first time

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A new poll shows one in five consumers who have never sought financial advice will seek it out for the first time in a bid to boost their retirement income.

The Axa Wealth study of 2,070 consumers, conducted by YouGov, shows 40 per cent of UK consumers are not confident managing their own finances.

Consumers were asked if they have ever sought professional advice regarding their finances to ensure they have sufficient income for their retirement.

Some 19 per cent who have never sought financial advice before say they will do so in the future.

A total of 16 per cent of respondents have sought financial advice in the past and will do so again in the future, while 12 per cent have sought advice before but do not intend to again.

Forty five per cent of respondents have never sought advice in the past and have no intention of doing so in the future, while seven per cent say they do not know.

Axa Wealth managing director of specialist products Nick Elphick says: “One of the key drivers behind the RDR was to establish financial advice as a profession akin to solicitors or doctors and as a credible financial support network.

“Financial advice can not only help to maximise investment decisions, but proper use of tax efficient savings vehicles can help to boost their overall income.”