Seven digital advice businesses have joined forces to push the benefits to consumers of digital advice over traditional advice.

OpenMoney, a low cost online financial advice service, has launched an automated annual review service to nudge clients to update their financial details, investment goals and risk preferences at least once a year.

Negative perceptions could be why just 10% of UK adults have taken paid-for financial advice in the past two years, according to research from digital advice firm OpenMoney in conjunction with YouGov.

1 in 5 British adults have no immediate access to ‘rainy day’ savings, according to a new survey of 2,000 adults.