One in four Britons (26%) do not know how - or where - they could access trustworthy financial advice if they needed it, according to new research from pollsters Opinium.
This confusion comes in spite of a growing number being concerned about the state of their finances.
A quarter of UK adults surveyed said they were worried about their finances (25%) but only one in 20 (5%) have accessed financial advice since the start of the year, while another 5% have looked into getting financial advice but have not received any.
Just one in ten (10%) said they were already receiving financial advice.
The confusion seems to be contributing to some inaction amongst those looking for advice. One in seven (14%), rising to almost a quarter among Generation Z (22%), said they knew they needed financial advice but have not yet taken any action.
Among those who know they need advice but have not done so yet, a third (33%) cited concerns about the cost of advice.
A quarter (23%) said they were not sure what kind of adviser they needed, or did not know any financial advisers (23%). One in five (21%) said they were either unsure what to ask an adviser or did not have time to look into it.
Younger savers were also more likely to be considering taking financial advice as a whole. Half of all age groups (50%) surveyed said they did not think they needed access to independent financial advice, but this halved to 27% among Generation Z.
Matthew Howlett, research manager at Opinium, said: “While a significant number recognise they need financial advice, many have yet to take the next step, often due to uncertainty around cost, where to start, or who to trust. This is particularly pronounced among younger adults, who show both higher levels of concern and greater openness to seeking advice.
“Overall, the data paints a picture of rising financial awareness, but with too many barriers still standing in the way of action.”
The survey also highlighted the potential impact of Targeted Support on advisers. A quarter (27%) of Britons surveyed said that if they could access Targeted Support for free or for a low cost, they would still feel the need to access paid independent financial advice, rising to two in five (40%) among Generation Z.
Amongst those who had reviewed their personal finances at the start of this year, 7% said they had not ever considered accessing financial advice before, but realised they need to as a direct result of reviewing their finances in the New Year, rising to 13% among Generation Z.