Willingness to pay for financial advice falls as other options open up

Since 2023, consumers’ willingness to pay for financial advice has fallen, as revealed in new research by Boring Money. According to the Advice Report 2025, published on the 12th of June, fewer than half of the UK’s non-advised investors or cash-only savers with at least £10,000 in cash are prepared to pay for financial advice.

• In 2025, just 39% of this cohort were prepared to pay for financial advice, compared to 54% in 20233.

• The perceived need for financial advice has also fallen amongst potential clients. 50% of this cohort say they have never felt they needed a financial adviser. This has risen from 46% in 2023.

Despite this, satisfaction with financial advice remains very strong amongst existing clients.

• 96% of advised clients report net satisfaction

• 79% report being Extremely or Very Satisfied

As interest in taking financial advice falls, so awareness grows of guidance and other sources of help. In 2025, 17% of consumers report looking to finfluencers and social media as a source of help. The differences in potential sources of help and advice are most pronounced by age.

Amongst under 45s, the most common sources of help people are likely to turn to for help and advice include:

• 40% - family and friends

• 31% - Financial advisers

• 30% - Comparison website

29% of investors under the age of 45 would turn to finfluencers and/or social media.

Across all age brackets, women are much more likely to say they would look to a financial adviser than men. 50% of all female investors say they would go to a financial adviser for help, compared to just 36% of men

Boring Money CEO Holly Mackay comments,

“Since the chaotic aftermath of Liz Truss’ mini-Budget in late 2022, when appetite for financial advice peaked, we have seen a decline in the perceived need for financial advice. Fewer people think that this is a viable or desirable source of help, which might actually be a more realistic assessment given rising minimum assets needed for traditional advice clients.

“At the same time we see growing awareness of other sources of help. Despite it being well-known that just 9% of UK adults get ongoing financial advice, we found an additional 11% reported getting help, guidance and ad hoc advice from other sources over the last three years.

“ As technology and consumer behaviours open up more options to us, consumers are seeking help from more places, and people are also mixing and matching. For example, 65% of advised clients also have a DIY investment account. The upcoming Advice Guidance Boundary Review will open the market up more and our research finds that the banks are best-placed in the eyes of consumers to offer the new Targeted Support.”