A new survey has found that 50% of UK consumers have never reviewed their finances with a professional adviser, leading to widespread misconceptions around insurance policies.

The survey, commissioned by YouGov on behalf of insurance provider Paymentshield, has shown reticence among British consumers to seek professional financial advice. Misconceptions about policies saw respondents stating they questioned whether advice would be useful, while many believed seeking financial guidance would be expensive.

Paymentshield is calling for brokers to proactively educate customers on the advantages of regularly reviewing their finances with a professional and to demystify what a financial review process looks like.

Tim Johnson, CEO of Paymentshield, said: “Yet again we are seeing a large number of people leaving themselves in a vulnerable position, having never consulted a professional adviser on their finances.

“There is a real opportunity here for brokers to demonstrate their true value to customers by taking a closer look at their customers’ overall financial situation, not just mortgages and investments and providing a holistic service.”

Paymentshield is launching a ‘Personal Finance MOT’ campaign and updated adviser toolkit containing product info and campaign ideas to support brokers in encouraging customers to contact them to arrange a review of their financial situation.