Getting guidance from a qualified financial adviser can make the process easier, tailored to your needs and make you feel more confident.
Data shows that nearly two-thirds (64%) of consumers feel more comfortable taking out protection after consulting a financial adviser . When researching for insurance products, many people use comparison websites (59%) and visit the official sites of insurance providers (45%).
This demonstrates that although online tools are useful for initial research, professional guidance is still highly valued when making important financial decisions.
Younger Generations and the Rise of Finfluencers
Among 25 to 34-year-olds, 54% prefer consulting a financial adviser before purchasing insurance. Interestingly, 14% also consider advice from social media influencers (often called finfluencers).
The influence of finfluencers has surged, especially among younger audiences. According to a 2024 report from the UK Financial Conduct Authority (FCA), over 85% of investors aged 18–40 turn to social media for investment ideas, with nearly half relying on it as their primary information source.
Finfluencers Are Not a Replacement for Professional Advice
While social media can be informative, many finfluencers are unregulated and may promote financial products without proper oversight. Their advice is often not tailored to individual circumstances and can carry significant risks. It is not advisable to follow advice from a finfluencer.
The FCA has emphasised that promoting financial products without regulatory approval can be illegal, highlighting the importance of consulting qualified advisers instead.
Boost Your Confidence and Make Informed Decisions
The survey also found that 74% of consumers feel confident about their understanding of insurance products and how to purchase them. Jamie Page at The Exeter commented on the data, "While online resources or AI-powered tools can help people get started, these findings highlight the important role that advisers play throughout the purchase journey."
Working with a financial adviser ensures that you receive personalised guidance, helping you choose the right insurance for your needs and circumstances.
Get Expert Advice
If you’re considering taking out insurance, don’t navigate the market alone. Our team of qualified advisers are here to help you find the right product to meet your needs and give you peace of mind.
Sources
https://www.fca.org.uk/news/press-releases/fca-leads-international-crackdown-illegal-finfluencers
As with all insurance policies, conditions and exclusions will apply.
