The aim of this report is to study how UK consumers obtain and judge the advice they receive when they make financial saving and investment decisions.
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The report considers what types of advice consumers use, where they and how they access advice and how willing are they to pay for advice. It also considers how consumer investment behaviour has been influenced by online developments such as Robo-Advice and how advice has influenced consumer reaction to COVID-19 and saving and investment scams. For this report, IRN Research commissioned Made in Surveys Group (MIS) to conduct a survey among its online panel, drawing on a nationally representative sample of 2,076 UK adults aged 18+, which generated a sample of 2,032 individuals own any savings or investment products.
Most Savers and Investors (72%) adopt the DIY approach to saving and investing, i.e. they manage all of their saving and investments totally themselves. 21% of Savers and Investors take some form of professional guidance and/or advice, of which 17% adopt the mixed or hybrid approach, combining self-management of some of their savings and investments (or some of their decisions) with getting help from professional financial advisors, with only 4% handing over all their investing decisions to professional advisors (the Professional Approach).