The occurrence of specific life events is the biggest driver of people seeking financial advice, according to a report from St. James’s Place.
The second chapter of SJP’s Real Life Advice Report, explores what triggers people to seek professional advice. The study gathered responses from just under 12,000 individuals.
It found close to half of people (48%) who have accessed advice or guidance did so after a key moment in life.
The most common specific events referenced were reaching a certain age (17%), buying a property (15%), receiving an inheritance (12%), retirement (10%) and getting married (10%).
Outside of personal milestones, the single biggest driver of seeking financial advice or guidance identified by the researchers was the cost-of-living crisis, mentioned by 18% of respondents.
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Another big driver was the accumulation of a savings and investment pot large enough to warrant it (18%).
There was also a notable difference between generations identified, with 18–34 year olds more likely to seek support due to financial challenges. For example, SJP found 24% of this group took advice because they were worried about the cost-of-living, versus just 8% aged 55 and over.
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Alexandra Loydon, director partner engagement and consultancy at SJP, said: “Big life events and milestones make people stop, assess and plan, and often they prompt people to undertake some financial planning too.
“While it’s clear that one of the greatest benefits of financial advice or guidance is the support it can offer in times of change or stress, the key to navigating those moments is putting a strong financial plan in place ahead of time. Seeking the support to do so not only boosts mental and emotional wellbeing, but provides the confidence to reach life’s goals and milestones in the first place.”
