Nearly 6 million people would be willing to pay for financial advice if it cost less, new consumer research has suggested.

Financial advice firms are doing better at narrowing the gender pay gap than many other financial services firms, according to analysis by the Chartered Insurance Institute.

Three quarters of consumers (73%) want a financial adviser to help them ‘predict’ how major life moments could affect their finances.

Saga, the provider of services to older people, has warned that £3.2bn may have been cashed out of pension pots without any financial advice following the Pension Freedoms.