Those who receive financial advice are more positive about their short-term and long-term futures than those that don’t, a new report from St James’s Place has found.
SJP’s Real Life Advice Report, now in its second year, revealed half of those who take ongoing professional advice (51%) are optimistic about the remainder of 2025 compared to 34% who do not receive advice.
Additionally, one in three (30%) people receiving ongoing professional advice feel more certain about the future than they did two years ago, compared to only 13% who don’t take advice.
Meanwhile, more than eight in 10 (85%) state they are currently ahead of or on track against where they thought they would be in terms of their savings and investment goals, despite the recent economic and market challenges, compared to 65% of those that don’t access advice.
Those who receive ongoing financial advice are also more proactive and spend more time considering their options when faced with financial uncertainty.
Just over a quarter (27%) said they spent more time making financial decisions, compared with just 15% of the non-advised.
Overall, 24% said they sought more information and guidance, compared to 4% of those not currently taking advice.
Nearly a fifth (16%) said they are looking for affordable investment opportunities within the market, compared to just 5% of the non-advised.
SJP CEO Mark FitzPatrick said: “Our findings underscore how having more or greater access to financial advice boosts optimism and financial confidence, and helps people keep on track to meet their savings and investment goals despite the noise around them.
“However, the number of people accessing advice has remain unchanged for many years, and this must be addressed.
“All parties – government, regulators and the industry – have a responsibility to ensure people can access support that helps them cut through complexity and build a better financial future.
“In addition to continuing to attract a new generation of advisers into the industry, supporting financial education and championing reforms that close the advice gap are key.”
To help more people access financial advice and guidance, both in times of uncertainty and more broadly, SJP is calling for focus on the following actions:
Closing the advice gap through a new pipeline of support
This includes guidance, life-stage-relevant financial education, targeted support, simplified advice and ultimately holistic financial planning. SJP believe consumers must be able to move seamlessly between these forms of support when needed.
Ensuring proposals for targeted support are successful
SJP said high-quality consumer testing will be vital to ensuring consumers recognise that with targeted support, unlike personalised advice, responsibility lies with them.
Consumers must understand this distinction, as well as the nature of the decision they are making.
The Financial Ombudsman Service must be fully aligned on the limitations and responsibilities of both targeted support and simplified advice, to ensure they are viable for firms to offer.
SJP said it also continues to support calls for financial education to be included in the core curriculum for schools.
Overall, SJP surveyed 8,000 individuals to understand the role of financial advice and guidance in helping people reach their goals and manage challenges.
FitzPatrick added: “Periods of uncertainty, especially when major or unexpected events happen, are unsettling.
“Seeing the immediate impact on finances, feeling unsure of how your money will recover or be affected in the medium and long term, and facing decisions of whether to take action or not, can feel overwhelming. In these moments, professional advice can be invaluable.”
St James’s Place’s Real Life Advice Report will be published in a series of chapters over the coming months, examining how advice helps individuals and families across generations to reach their goals and overcome challenges.
