Women were more likely to say financial advice is too expensive with 33% saying the cost of advice is too high for them.

The figure was higher still among younger people aged 25-34 with 37% in this age group stating that the cost of using a financial adviser was prohibitive, according to a new survey conducted in April for Hargreaves Lansdown.

Overall only half of consumers (51%) said they would consider taking financial advice.

Among consumers 28% said they did not have enough money to make taking financial advice worthwhile. This included 35% of women and 34% of those aged 55 and over.

Figures were sourced from a survey of 2,000 people by Opinium for HL in April.

Sarah Coles, personal finance analyst, Hargreaves Lansdown, said the cost of advice was just one of many factors holding back consumers from seeking professional help with their money.

HL is campaigning for a change in the rules on financial guidance to allow regulated companies to give people, “simple, more personalised, guidance and nudges to help them improve their financial position.”

A number of firms, including Charles Stanley, have also stepped in recently to launch cheaper ‘hybrid’ advice services which combine a cut-down human Financial Planning service with a more digitally-focused offering.

Ms Coles said: “When financial advice doesn’t add up, savers and investors need a sensible alternative. In theory, half of us think we might consider taking advice, but in reality the FCA says that the number of people who actually end up getting help is far lower - at around 6% of adults. 

"Part of the solution is to ensure that those who would benefit from advice overcome the commonly held misunderstandings holding them back. This includes the 21% who don’t trust advisers and the 12% who simply believe that advice isn’t for people like them. 

“Financial companies are keen to step into the breach, and there are all kinds of solutions in the pipeline, using the best of technology alongside the intervention of experts.

“However, right now there are real limits on what they can do under current rules, because if the guidance is too helpful and too tailored to people’s needs, it could be considered to be overstepping the boundary into advice, because it becomes an implied recommendation. So, for example, if someone has invested in a high-cost index tracking fund, you can’t highlight specific cheaper alternatives, even if they are like-for-like, which is a barrier to investors taking action in their best interests.

“It’s why HL is campaigning for a change in the rules around guidance, to allow regulated companies to give people simple, more personalised, guidance and nudges to help them improve their financial position.”

HL has 1.7 million customers investing a total of £132 billion. Some 600,000 investors access its mobile app each month.