Trust luck or trust judgement?
There are many misplaced notions about money – some are just a bit of fun, like these money myths, but others are more serious and can actually have a real detrimental effect on people’s wealth. Like thinking the safest option is to hide your money under the mattress, where the only growth is likely to be from bed bugs!
One of the biggest blind spots for some people is the value of financial advice versus going it alone. So why is that?
Research collected by YouGov* found that 33% of people asked believed they didn’t have enough wealth for an adviser to help them. 31% feared paying for something they didn’t need and 15% weren’t sure if an adviser could add value.
But here’s another stat. The average retirement income for someone who set a clear target and sought regular financial advice is 53% higher than someone who didn’t**. Plus, the way adviser charges work today is so transparent that it’s easier than ever before to work out if the potential benefit could justify the cost.
Try before you buy!
What many people also don’t realise is that most financial advisers offer a free initial fact-find meeting of up to two hours, often in the comfort of your own home. This gives you the ideal opportunity to talk through your circumstances, your aims and your concerns and, most importantly, to find out if the adviser, and advice in general, is right for you.
Superstition or science?
As you can see from our money myths infographic, it seems every culture and every country has its own superstitions about the things that could bring untold wealth. You could try them all if you wanted to, from China to Mexico, although people might think you’re a little odd.
Or, if you’d rather try a slightly more scientific approach, isn’t it at least worth finding out if a financial adviser could make the world of difference to your finances?
If you would like to find an adviser local to you, take a look at our Find an Adviser tool.
*Data collected by YouGov in July 2015 from 1400 UK adults age over 35.
**Findings of YouGov research, therefore not guaranteed.