Aviva’s Advice Report reveals increase in perceptions of advice and the value it can bring
- Engagement with advice increased across all consumers despite falling take-up
- Respondents say financial advice contributes to overall wellbeing
- Advice Index1 is rising faster amongst women than men
New research1 from Aviva has revealed an increase in engagement with financial advice and also pointed to wider benefits for consumers, although the overall take-up rate has fallen from 13% to 11% over the past four years.
In the new Appetite for Advice report, launched today, Aviva has calculated an ‘appetite for advice’ index which shows that perceptions of advice and the value it can bring to people’s lives have improved across the board.
Although men are more likely to take advice, and rate its benefits more positively, the increase since 2021 in this measure for men has not been as steep as with women. If the relative rates of improvement continue at the same levels, we will see parity by 2042.
The Appetite for Advice index is calculated using feedback from a nationally representative sample of 2,000 consumers and then compared to the same factors measured in a previous survey conducted in 2021. The Index is a composite score, with a maximum possible score of 100. It brings together responses to all questions which explore perceptions of advice and the value it offers, combined with actual behaviour in relation to taking advice, and the frequency with which people interact with their adviser.
In 2025, the overall Appetite for Advice Index measured 30, which is up from a score of 24 in 2021. This shows an overall increase in the level of engagement with advice across all consumers surveyed, advised and non-advised. For men, the score is 32, up from 26, and for women it is 29, up from 23.
This gives us a benchmark from which we can measure changes in engagement in the future, whilst identifying the factors which have most influence over changes in the score, and what action needs to be taken to make improvements.
Lorna Whalley, Director, Aviva Retail Platform, said: “Our research shows there has been a real shift over the last four years in the way financial advice is perceived. Even though fewer people said they are now taking advice than four years ago, the benefits of it, both for wealth and well-being, are felt much more than before. This is testament to the work advisers have been doing to help their clients with their financial, and wider, planning. Advice really delivers security and peace of mind for those who take it, and it’s important to get that message across to a wider audience, so that more people can benefit.”
Although the research shows that fewer people are taking financial advice in 2025 compared with 2021 (11% vs 13%), perceptions towards advice and the value it brings have risen amongst those who do. Financial benefits are acknowledged, with 81% (up 9%) of men and 71% (up 6%) of women agreeing2 that they are better off than they would be without advice. 81% of men, and 69% of women saying they have avoided mistakes they would have made without financial advice (an increase of 10% and 7% respectively).
However, the biggest increase has been seen in the ways financial advice provides wider benefit. 82% of advised men and 78% of advised women in our survey now agree that financial advice contributes to their overall well-being, up significantly from the 72% and 67% who said this in 2021.
Lorna Whalley, said: “Our research shows that fewer women than men take financial advice, at 8% and 14% respectively, but it is encouraging to see that engagement with women has risen more strongly even if from a lower base. If this is sustained, engagement levels for men and women will be the same in seventeen years, but we should challenge ourselves to find effective ways to bring that date forward, by understanding how we can demonstrate the very real benefits advice can bring in a way which is meaningful to women, and in ways that resonate with them.”
1 Research carried out 21.05.2025 – 23.05.2025 by Censuswide, with 2001 nationally representative consumers.
‘Advised clients’ = those agreeing ‘I have an ongoing relationship with scheduled reviews’ in response to ‘Which of the following best describes your relationship with your adviser?’
The research was conducted by Censuswide, among a sample of 2,028 general consumers/2001 Nationally Representative Consumers. The data was collected between 04/01/21 - 06/01/21/21.05.2025-23.05.2025 . Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.
2 Combines ‘Strongly agree’ and ‘Somewhat agree’