More Brits seek financial advice
It seems that Brits are acknowledging the importance of sorting out their finances, as new figures reveal that more people are seeking financial advice.
IFA Promotion, which promotes the benefits of independent financial advice, has released figures showing that enquiries about investments and savings advice soared by 22 per cent between January and March 2006, from the same period last year.
In the first quarter of the year, the company received 62,363 enquiries about investment and savings advice, which subsequently caused a surge in ISA take-up.
David Elms, chief executive of IFA Promotion, said: "This year's boom in ISA sales was fed by a thriving demand for independent financial advice."
Meanwhile, the thirst for advice about planning for retirement also grew by 53 per cent to 56,132 enquiries between January and March this year.
This is something no doubt spurred on by the much-publicised tax-changes which affected pensions following A-Day.
A-Day, which fell on April 6th this year, heralded a new dawn for pensions, with the aim of simplifying the industry and making it easier for the consumer to save for retirement.
Among the changes brought in was the ability for a pensioner to take out up to 25 per cent of their pension fund without being taxed on it.
As such, it appears people looking to the future have been keen to investigate what the A-Day changes mean for them, and have been seeking authoritative advice.
Mr Elms said: "The approach of A-Day finally prompted thousands of people to review their retirement provision, with the help of an IFA [independent financial adviser] focussing on this area.
"While pensions, savings and investments remain key triggers for people to seek independent, expert advice, it's great to see that demand for IFAs' services is surging across a range of other areas, from mortgages to financial protection."
Other popular requests for financial advice included mortgages, with 30,253 enquiries and taxation planning, with 14,500 enquiries.
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