The Advice Gap report, powered by the lang cat, is the definitive study into the access to and take-up of financial advice in the UK.
It blends consumer research, conducted with YouGov, with insights from professionals on the lang cat’s over 1,600-strong advice panel.
While we are now 10 years on from the original study carried out by Citizens Advice, sadly the gap shows no sign of narrowing. The Advice Gap 2025 shows the proportion of the UK population paying for advice has flatlined – hardly a measure of success.
So what are the causes? And crucially what, if anything, can be done to address the advice gap once and for all?
A snapshot of the findings:
- Consumers unconvinced on the FCA’s ‘targeted support’ proposals with just 13% saying they’d find the initiative useful.
- One in four advisers don’t think the proposals will have a positive impact on consumers.
- Just 9% of the UK population benefits from professional paid for financial advice.
- Lack of trust in advisers and value perception are biggest barriers for consumers – 31% and 33% respectively.
- Two years in, the Consumer Duty regulation has created an ‘accidental advice gap’ with half of advice firms withdrawing services for up to 17% of clients.
- Though advisers optimistic about the potential for digital channels to open up support for less well off.
The report is free to download thanks to our sponsors: AJ Bell Touch, Just Group, Quilter and Royal London.
For more on The Advice Gap 2025, visit our dedicated website here.
A gallery of images from our report launch:
