Consumers will on average only part with £191 for financial advice on a pot worth £50,000, new research has concluded.

The survey by Aegon UK also showed that the tipping point to pay for advice is an investment or pension pot of £121,000 - four times what advisers believe makes advice worthwhile.

Just 6% of the adult population agreed with the adviser community that a savings or pensions pot of £30,000 is worth paying for advice on.

Asked to decide where to invest a pot of £250,000, people were willing to pay £314, just £123 more than what they were prepared to fork out for a pot five times bigger.

Some 42% of consumers said they believe that the potential to grow their investments was the biggest advantage of advice, followed by peace of mind that they’ve been advised by an expert (34%), while over a quarter (28%) felt the main benefit of taking advice was the feeling that they had made the best decision for their circumstances.

It was peace of mind that advisers saw as the main benefit for consumers, both in the knowledge that consumers have been advised by an expert (63%) and also the consumers’ right to complain to the Financial Ombudsman Service if they were unhappy (42%).

Duncan Jarrett, managing director of retail at Aegon UK, said: “There is a significant gap between what consumers believe they need to have saved before they seek advice, and the amount advisers believe is required to make advice worthwhile.

“The government’s consultation on methods of extending advice needs to look at ways of reframing consumer thinking. Take a household example, as a car gets older many people opt for an annual service, which can spot potential problems early.

“While it involves a regular cost, it could pay you back many times over if it prevents a major expense at a later date. The same is true of advice, when people understand that the cost is potentially securing them a much more comfortable retirement or removing a major worry, then the value becomes apparent.”