The cost-of-living crisis is nudging more younger people to take advice from professionally-qualified Financial Planners.

Rising inflation is the biggest concern among clients.

Almost four-fifths of Financial Planners polled by the Chartered Institute for Securities & Investment (CISI) said clients were concerned about the toll on their household from cost-of-living pressures.

Almost a third cited rising inflation as clients’ biggest concern when it comes to Financial Planning, although 42% said the main concern remained having enough money to retire.

Some 37% of those polled said the age range of potential clients is younger than it was a year ago, while the number of women seeking advice is rising, according to 12% of respondents.

The CISI’s poll revealed a sharp increase in people seeking professional Financial Planning advice. More than 56% of Financial Planners are busier with existing clients than they were a year ago, they told the CISI.

Retirement planning remained the biggest issue on which clients seek advice, according to 74% of respondents.

Sally Plant, CISI assistant director, Financial Planning and education development said: “Mental wellbeing is critical to a healthy, happy life. There is clear evidence that with a Financial Planner at their side, consumers can achieve their life goals, even during challenging times.”

Almost 90% of respondents said they were concerned about overall literacy skills among the public.

But the survey also suggested that with careful Financial Planning and professional advice, consumers can still achieve their goals.

Almost 90% of Financial Planners said their clients were maintaining their life goals despite the current economic climate through lifestyle adjustments.

Overall, some 74% of respondents said their clients felt optimistic about their financial plans.

• Last week the CISI revealed the winners of its 2022 Financial Planning Awards. David Hearne CFP, of FPP IFA in Berkshire, won one of the top awards; CFP Professional of the Year, while Kate Morris of Paradigm Norton Financial Planning scooped the Paraplanner of the Year award. Berry & Oak won the Accredited Financial Planning Firm of the Year.