Less than one in ten people would turn to a financial adviser to guide them on financial matters, according to Friends Life.

Friends Life, a sponsor of the IFP-organised Financial Planning Week, found that only eight per cent of people would rely on a financial adviser.

Top of the list were parents with 31 per cent followed by 27 per cent who would ask their partners. However, there was strong evidence that people would be willing to pay for financial advice.

Some 31 per cent agreed that financial advice should be paid for, the same way they would pay for accountancy and legal advice.

The results of the survey were somewhat positive as it showed people were at least assessing their financial situations and asking for help.

High inflation, government cuts and worsening household finances are all causing people to think more about their finances.

Andy Briggs, chief executive officer of Friends Life, said: “It appears people are recognising the need for financial advice, which on the surface is very encouraging.

“The danger is that by consulting your mum or dad instead of a qualified financial adviser you learn someone else’s financial habits instead of making your own empowered decisions supported by all the facts.”