A report by St James’s Place found that young people are more likely to turn to social media than a financial advisor.  SJP’s Real Life Advice Report, found that, when looking at where young people get information about finances and money, 18-34-year-olds are twice as likely to use social media channels on average than 35-54-year-olds.

While turning to parents and friends remains important for 18-34-year-olds, the growing trend to seek financial information about finances through social media shows the “importance” for the industry to embrace digital channels further.

SJP is calling on the industry to help people overcome the barriers and benefit from financial advice, such as training more advisers.  The report also suggested the industry could change perceptions around financial advice by illustrating how advice can make a tangible difference and extend its outreach to those who feel that advice isn’t for them.