The rise was especially noticeable among senior citizens and those on low incomes where 82 per cent of people are now using financial advice, up from 70 per cent in Q1.

Some 30 per cent of people used financial advisers.

This rose to 45 per cent of people in the ‘Exclusive Lifestyle’ sector, those in their 50-60s with high disposable income and considerable assets.

However 28 per cent of people said they would rather use recommendations from friends and family than a financial adviser.

The top source for financial advice was provider websites with 63 per cent of people using them followed by price comparison websites and newspapers.

The main reason people sought financial advice was to educate themselves and keep on top of money matters.

Respondents could also see the importance of financial advice and 80 per cent said financial education should be part of the National Curriculum.

Nick Turner, director of customer partnerships at AXA, said: “We’re seeing an encouraging upward trend in consumers taking control of matters in a bid to stop finances taking control of them. The rising popularity of financial websites for product research and money monitoring is a significant development in the last year.”

The AXA Big Money Index is conducted quarterly and surveys over 2,000 people.