Personal financial planning advice: barriers to access

Moss, John Gordon Robert (2015). Personal financial planning advice: barriers to access. University of Birmingham. Ph.D.

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Abstract

With the move towards a society where responsibility has been placed upon the individual to make financial provision for future events, comes the need for individuals to be able to interact with the financial services sector and make informed decisions regarding their financial choices. This research focuses on the barriers that influence why and how consumers access advice from Regulated Financial Advisers.

Three key variables are highlighted by this research that each affect the consumer’s ability to access regulated financial advice; Firstly, knowledge, where sub-themes relating to need, knowledge of services and ‘finding an adviser’ were identified. These highlighted the concept of advice not generally being the ‘subjective norm’. Secondly, trust, where the concepts of ‘general trust’ and ‘individual trust’ emerged along with the issues surrounding consumers’ abilities to apply ‘critical trust’. Thirdly, affordability and cost, which includes the consumer’s appreciation of the value of advice.

Finally, this research asks whether consumers are overwhelmed by the extent of the provision they need to make to shape their financial future. It therefore begs the question as to whether the degree to which the welfare state has already been rolled back has resulted in financial planning issues beyond the capabilities of most consumers.

Type of Work:

Thesis (Doctorates > Ph.D.)

Award Type:

Doctorates > Ph.D.

Supervisor(s):