One in four consumers would be willing to pay for financial advice, according to AXA Wealth.

The sponsor of the Institute of Financial Planning consulted almost 2,500 people for its latest quarterly Big Money Index.

It found those in the ‘exclusive lifestyles’ and ‘successful security’ categories were most likely to seek professional advice followed by the ‘stretched’.

The figure was up four per cent on the last quarter and showed paying for advice is becoming more recognised ahead of the RDR.

‘Exclusive lifestyles’ covers those aged mid-50 to mid-60 who are mortgage free and have high disposable incomes with considerable assets while ‘successful security’ were those aged 40-50 with above average income and often second homes.

‘Stretched’ were those in their 20-30s with low incomes and few financial assets.

Some 44 per cent of respondents said they did not know where to invest or save their money to get a decent return.

Only 24 per cent of all respondents said they would turn to friends and family for financial advice.

AXA Wealth’s managing director of marketing and distribution David Thompson, said: “In the year the RDR will be implemented, this is welcome news for IFAs. As the general sense of financial pessimism continues, consumers are increasingly likely to turn to the professionals for how to make the most of the money they have.”