In support of Financial Planning Week, Defaqto has questioned consumers on their understanding of financial product features.

In a survey of over 2,500 consumers, the firm found that while 94 per cent of people compare products, only 75 per cent felt confident about choosing an appropriate one.

Almost half of respondents said they did not always understand the product features.

Many people said they would use a financial adviser for more complex products and areas and the number of people using an adviser has already risen by 11 per cent in the past year.

Regarding complex areas such as retirement planning, only 35 per cent of people aged 25-34 said they had started a pension.

Defaqto feels this low number is due to lack of knowledge about the pension market.

Andy Leggett, Defaqto insight analyst for wealth management, said: “This highlights the importance of independent advice and information to support people in making the right decisions for their financial futures. We are delighted to be working with the IFP- as a sponsor of Financial Planning Week- to highlight the importance of Financial Planning to consumers.”

Nick Cann, chief executive of the IFP, said: “It’s clear from Deqfato’s research and from research the IFP has done that many Britons face an uncertain future because they’re not taking control of their finances.

“By working together as a profession, to share the considerable expertise, tips, tools and information we have available, I’m sure we can help consumers take simple steps to improve their financial ‘fitness’ as a result.”

The IFP’s Financial Planning Week runs from 21-27 November.