Major life events and milestones has led 12.5mn to seek financial advice or guidance.
The second chapter of SJP’s Real Life Advice report revealed the single biggest driver was the cost-of-living crisis, with 18 per cent accessing support due to this.
Half of all those accessing advice, equivalent to 12.5mn people, did so after key life moments.
Common prompts included reaching a certain age (17 per cent), buying a property (15 per cent), receiving an inheritance (12 per cent), retirement (10 per cent) and getting married (10 per cent).
Alexandra Loydon, director of partner engagement and consultancy at SJP, said the study shows people turn to advice in times of change, but stressed putting a financial plan in place beforehand is key to navigating these moments.
The study also found unexpected change and challenges were key drivers of financial advice or guidance with 12 per cent seeking support following a change in job status, such as promotion, career change or redundancy.
While six per cent sought it out following divorce and six per cent following caring for loved ones. Serious illness and becoming a single parent were triggers for others (five per cent).
Loydon 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.”
Other macro trends also prompted action, with 13 per cent seeking support due to changes in the economic environment, 10 per cent as a result of high mortgage rates, seven per cent following policy changes and five per cent after a change of government.
Referrals and recommendations were also common prompts for taking advice or guidance, with 15 per cent following a personal referral, and eight per cent because they had a family adviser.
Changes with age
Additionally, the study found the reasons why people first took financial advice or guidance were changing.
Those aged 55 and over were prompted by more simple reasons, with one in five stating it was either because they’d reached retirement (21 per cent), their savings had reached a certain level (20 per cent), or they’d reached a certain age (20 per cent).
While those aged 18 to 34 were more likely to seek support to navigate more complicated issues, as managing money continues to become increasingly complex.
Some 24 per cent had taken advice or guidance because they were worried about the cost of living, compared with eight per cent of those aged 55 and over.
While 17 per cent sought support to get on the housing ladder and 16 per cent due to concerns around high mortgage rates.
