The UK is in the grip of an advice gap. Many people are lacking the confidence to invest or seek advice, risking poorer long-term outcomes.
According to research from Boring Money, financial advice remains concentrated among the older and wealthier consumers, with regulated advice currently reaching only about 9% of UK adults.
As a result, the nation’s advice gap has widened to 14.6 million adults in 2026, from 12 million in 2025.
The increase is largely being driven by a growing cohort of low-confidence investors – people who have taken the first steps on their investment journey but lack the confidence to make decisions without additional support.
Boring Money found that 9.9 million non-advised investors now fall into this category, an increase of 1.9 million compared with 2025. The 14.6 million figure also captures 4.7 million people holding at least £10,000 in cash who say they’re willing to invest but have yet to take the plunge.
Where are people getting advice right now?
There are things in place to try and close this gap. The Government’s Retail Investment Campaign, backed by financial services firms including Hargreaves Lansdown (HL), is encouraging more people to consider investing as part of their long-term financial plans.
At the same time, the gradual roll-out of targeted support, a set of Government and FCA-backed rules allowing financial services companies to provide tailored personal finance suggestions based on investors circumstances, will help bridge the gap between generic guidance and full regulated advice.
All of this raises an important question. If fewer than 1 in 10 adults currently receive regulated financial advice, where are they getting their guidance from today?
According to HL research, just 28%* of people say that they would seek professional financial advice if they needed help managing their money. Many said that they would look elsewhere for advice.
More than a quarter (26%) say that they could consult a family member, and 23% would turn to the Government, 21% to their bank, 12% to friends and for 8% social media would be the go-to.
Artificial Intelligence has also become an option, with some consumers opting for AI tools to answer questions about their personal finances. Our advice team say that AI can inform and educate but that clients should not rely on it to make financial decisions and instead get expert assurance.
11% say they would turn to their pension or ISA provider if they needed support. And that figure could rise with the rollout of Targeted Support.
The initiative could help millions make more informed financial decisions, but there will always be circumstances where more bespoke advice is needed. Major life events often bring complex financial decisions with long-lasting consequences, making personalised advice crucial in some circumstances.
Why financial advice pays off
Financial advice is not for everyone, and some investors are perfectly capable of managing their own money.
Other savers and investors might assume that they will not benefit from advice or feel that their portfolio is not big enough to justify the cost. However, it's not just your asset level that determines when advice might make sense. Your stage of life can be just as important.
Approaching retirement, navigating retirement itself, receiving an inheritance, selling a business, going through a divorce or managing another significant windfall can all be moments when professional advice can add considerable value.
Key changes coming down the line include the inclusion of unused defined contribution pensions in people’s estates for inheritance tax purposes from next April. It’s a change that many people will need help to navigate – taking financial advice can add valuable reassurance and help avoid costly mistakes.
That echoes what we see at HL.
Although every client is different, the reasons people seek advice tend to fall into three broad categories: time, confidence and inclination.
Some simply don't have the time to devote to managing their finances and keeping up with changing tax rules and pension regulations. Others lack the confidence to make major decisions on their own and want reassurance that they're on the right track. Then there are those who could manage their finances themselves but would rather focus their time and energy elsewhere.
When does advice makes sense?
Ultimately, the ‘right time’ depends less on value and more on whether you can put in the effort to design and manage your financial plan or would prefer professional support.
For some people, that point arrives early in their financial journey. Higher earners with relatively modest portfolios may still benefit from guidance on saving and investing tax-efficiently. Putting a plan in place early can help you not only build wealth but also stay on track towards your long-term goals.
Everyone needs a plan
The key takeaway is that everyone needs a plan.
Ultimately, financial advice extends far beyond portfolio size. It can also ensure that existing wealth is working as hard as possible.
It's about helping people build a financial roadmap, make informed decisions and feel confident about their financial future. This can then turn aspirations into action. For many, that peace of mind can be every bit as valuable as the financial benefits that advice may deliver.
After all, it’s difficult to know whether you’re on track to achieve your goal or perhaps have already achieved what you needed to if you don’t have a plan in the first place.