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Almost a tenth (8%) of those aged between 18 and 24 are planning to access financial advice for the first time due to chancellor Rachel Reeves’ Autumn Budget.
This is according to research from national independent financial adviser firm Continuum.
However, only 5% of over-65s said they are now more likely to seek advice following the Budget on 30 October.
At the same time, 27% of 18- to 24-year-olds are unaware of the changes made during the Budget, in comparison to 12% of those between 25 and 49 and 2% of over-50s.
In general, men were more likely to feel negative towards the Budget (50%) than their female counterparts (46%).
How people voted during the 2024 general election also had a big impact on how they feel towards the Budget.
Only 2% of Conservative voters felt positive about the Budget, compared to 40% of Labour voters.
The regions most likely to be looking for advice for the first time were Scotland and London (11%), which were also the two areas least likely to already be seeking advice.
Continuum managing partner Martin Brown said: “What is clear from our latest survey that is that many people are worried about the impact the Budget changes could have on their finances. It was also interesting to see that many savers are planning on reaching out to a professional financial adviser for the first time as a result.
“There is a clear opportunity for financial advisers, especially those who can appeal to these younger savers looking for advice for the first time. When it comes to getting younger people to engage with financial advice, many of the suggestions focus on technology and tools, but this is just one small part of the picture.”
Brown says the three main barriers for young people taking advice are loss aversion, a tendency to desire immediate gratification over longer-term gains and the fact that many younger people are swayed by peer-thinking and reluctant to plan long-term.
Brown added: “For advisers to get younger generations truly engaged with financial advice, whether they be prospective clients or related to existing clients, they need to approach these barriers in a gentle and structured way.”
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