The advice gain: the impact of generic financial advice on the financial services industry

Document type
Report
Corporate author(s)
Resolution Foundation
Publisher
Resolution Foundation
Date of publication
7 March 2007
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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Findings show that the financial services industry will benefit from consumers having increased access to financial advice. This report summarises the predicted impacts on the financial services industry of improved financial decision making, driven by increased access to financial advice, by low to median earners. The Resolution Foundation has suggested that both the Government and the financial services industry should contribute to the funding of a national generic financial advice resource.  They have argued this on the basis that the industry would benefit not just directly from better financial decision making, but also that more financially capable consumers would lead to a healthier, more sustainable financial services market. This report provides evidence to support both of these arguments.