Just four per cent of the population would seek professional financial advice to improve their financial situation, according to a survey for the Institute of Financial Planning.

The fourth annual Financial Planning survey, in association with National Savings & Investments, was conducted by YouGov and questioned over 2,000 people.

It highlights the challenges facing consumers who want to improve their financial position as the IFP’s Financial Planning Week gets under way from today (Mon 21 Nov). The findings suggest many consumers are wary about seeking professional financial advice.

Some 86 per cent of women and 77 per cent of men are currently dissatisfied with their financial position, slightly up from last year’s figures.

The most popular ways to improve financial situations were to reduce debt and save more although some 14 per cent of respondents said they had no idea how they could improve their financial position.

Less than half of respondents had a financial plan which they reviewed regularly and 25 per cent did not have a budget for household finances.

On using a financial adviser to improve finances, 27 per cent of respondents could not think of any benefits to seeking professional advice.

Of those who did think financial advisers were beneficial, 28 per cent liked the fact that advisers could research the whole of the market and 23 per cent liked the fact that advisers could unravel financial complexities for them.

They also liked that advisers could recommend appropriate products and investments for them, particularly as 50 per cent of respondents said they felt unconfident about investing in the stock market.

This research highlights the importance of Financial Planning Week and educating consumers about how they can improve their finances, not only through using financial advisers but also with techniques they can use themselves.