A little more than a quarter of people in Britain would speak to a financial adviser if they were landed with a £500,000 windfall tomorrow, research suggests.
A poll carried out by YouGov on behalf of Quilter, found that just 27% of people would speak to a financial adviser if they were handed that amount.
Of those that currently have a financial adviser this rises to 58% but falls to 27% for those that have used one previously and 19% for those that have never used an adviser.
The most popular option was to buy a property, with 57% saying they would do so. Investing and/or saving was low down the pecking order with 28% saying they would invest the money, 27% would place it into a savings account and 15% would put it into a cash ISA.
Ian Browne, retirement planning expert at Quilter, said the figures make for “worrying reading”.
Browne said: “It is a warning flare to the advice market that we all need to do a much better job of articulating what a financial adviser is for, how they can help and the value they can offer.
“In many respects the industry relies on life events, such as receiving a windfall like an inheritance, as an impetus to seek advice.
“However, this reveals that route is not as effective as we’d hope.
“And it is vital that people do seek financial advice. We know that those that win the lottery or a top premium bond prize are given an advice referral, but that isn’t the case with things like inheritance.”