Yorkshire least likely to take robo-advice for finance planning
PEOPLE IN Yorkshire are the least likely to use online automated financial advice services for their personal finances, according to new research by Deloitte.
Only 21 per cent of people in the region would be prepared to pay to use ‘robo-advice’ services for simple financial planning advice in areas including investments, mortgages, pensions and insurance. Over 30 per cent of people nationally said they would be happy to pay for the same services.
Deloitte’s research also shows over half (51 per cent) of people earning £45,000 to £70,000 would use a robo-adviser for investments, compared with just 30 per cent of those on incomes under £15,000.
The main reasons people in Yorkshire stated for not using the new technology was not being willing to pay for online personalised help (36 per cent), not trusting a website (30 per cent) and finding it easier to talk to an adviser than using a website (28 per cent).
Sue Holmes, Deloitte partner, said: “There is a significant financial advice gap in the market, where consumers have a need for advice but either can’t or won’t access it. Robo-advisers are lowcost and will increasingly be seen as a good alternative to face-toface advice, especially where consumers have less complex needs.
“The need for affordable advice is growing as individuals are increasingly being tasked with managing their own pension pots and, in the context of a relatively low state pension, automated advice can play a key role in generating low-cost options to help.”