Feeling financially confident is no substitute for the benefits of financial advice, according to new research.
Feeling ‘financially confident’ is not indicator of level of knowledge and no guarantee that better financial paths are taken, according to new research from Aviva.
The survey from Aviva Financial Advice of 2,000 UK savers saw 45% of ‘confident’ respondents incorrectly say pensions do not attract tax relief and 23% not know that the level of state pension can be affect by the amount of National Insurance paid. A further 28% of ‘confident’ respondents did not know what age they would receive their state pension.
Almost two thirds (62%) of advised customers surveyed said that having a financial adviser had had definitely prevented them from making significant financial mistakes. In contrast, only a quarter (25%) of non-advised respondents conceded that they had made financial mistakes that would have been avoided if they had received