A quarter of investors said the process was too complex
One in 10 investors (11%) regret failing to seek advice from a financial adviser, according to a new report.
Failing to seek professional financial advice was a top three regret shared by 2,000 investors who admitted having made financial blunders.
The other most common regrets were not researching investments properly (21%) and over-relying on savings instead of investing (11%), according to the survey by investment manager Columbia Threadneedle Investments.
Women (16%) were more likely than men (8%) to regret over-relying on savings.
Two thirds (65%) of the investors surveyed blamed themselves for their past financial missteps.
A quarter (26%) of investors who made financial mistakes in the past have now turned to financial advisers for support, with 25% saying they found the process of investing too complicated.
Ross Duncton, head of direct at Columbia Threadneedle Investments, said that the research demonstrated how seeking professional advice could make a big difference for investors.
He said: “Looking back at last year, it’s clear that many investors wish they had taken more time to research their investment options. Our research finds that some of the biggest financial regrets include not researching investments properly.”
Opinium surveyed 2,000 UK adults on behalf of Columbia Threadneedle Investments in October.
The survey is one of several released this month demonstrating the value of financial advice.
In a report about the impact of Pension Freedoms on retirement plans from Standard Life, 78% of pension savers who had sought professional financial advice before accessing their pension savings were glad they chose to do so.
Just a third (34%) of those surveyed by Standard Life who had accessed their pension savings had sought professional advice before doing so. One in seven (15%) sought advice on an ad hoc basis while 17% engaged with an adviser for ongoing support.