Reaching a milestone birthday is the most likely major event or milestone to drive consumers towards seeking professional financial advice, according to a new report.

Reaching a certain age was the driver for 17% of  those who have accessed advice or guidance, followed by buying a property (15%), receiving an inheritance (12%), retirement (10%) and getting married (10%), according to the report from St James’s Place (SJP).

Collectively 48% of those who have accessed advice did so following a key milestone in their lives.

Unexpected changes were also a key driver towards advice, according to the SJP study. More than one in ten (12%) sought support following a change in job status, such as promotion, career change or redundancy, 6% following divorce and 6% following caring for loved ones. Serious illness and becoming a single parent were triggers for others (both 5%).

Alexandra Loydon, director of partner engagement and consultancy at St. James’s Place, said: “Big life events and milestones make people stop, assess and plan, and often they prompt people to undertake some financial planning too. 

“While it’s clear that one of the greatest benefits of financial advice or guidance is the support it can offer in times of change or stress, the key to navigating those moments is putting a strong financial plan in place ahead of time. Seeking the support to do so not only boosts mental and emotional wellbeing, but provides the confidence to reach life’s goals and milestones in the first place.”

While life events and milestones were collectively the biggest reason that people seek financial advice or guidance, SJP’s research found that the single biggest driver was the cost-of-living crisis, with 18% accessing support due to this.

Other macro trends also prompted action, with 13% seeking support due to changes in the economic environment, 10% as a result of high mortgage rates, 7% following policy changes and 5% after a change of Government.

For a fifth (18%) of those who have taken advice or guidance, seeking help was the consequence of accumulating a savings and investment pot large enough to warrant it, rising to 27% to those that are receiving ongoing financial advice.

• Opinium surveyed 12,000 UK adults on behalf of SJP between May and August.