Financial Planning is no longer a Taboo Topic

Around 40% of people have discussed financial planning with family or friends in the past year as the topic becomes more mainstream, according to recent research.

An AKG survey, conducted in association with provider Canada Life, said that this figure proves that financial advice and planning is no longer a "taboo" topic.

It added that 29% of those surveyed reported that their financial planning discussions in the month leading up to the survey were prompted by the coronavirus pandemic and resulting lockdowns.

More than 1,000 consumers took part in the online study in the summer.

Conversely, the research also revealed that 57% of people surveyed hadn’t consulted a financial adviser during the last five years.

Among those people who have received financial advice, 55% said the greatest benefit is the ‘peace of mind' provided by their relationship with a financial adviser. This top ranked benefit was followed respectively by, ‘access to ongoing support' and ‘ideas on finances/investments' which were selected as other key benefits of advice by 48% and 42% of respondents.

AKG communications director Matt Ward commented: "Evidently discussing finances is not taboo, rather it is prevalent, and for some, it has evidently been necessitated by Covid-19”.

So, if the current Covid Pandemic has prompted you to re-examine your finances then maybe now is the time to consult with a Financial Adviser?

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