A staggering 24.6 million people in the UK are missing out on major life goals due to a lack of financial advice, according to a new report from wealth management firm St. James’s Place.

The findings highlight a troubling gap in financial guidance, with many individuals and families feeling disconnected from the support that could help them achieve their aspirations.

The report, part of a larger survey involving nearly 12,000 people, shines a light on the significant number of UK adults who have never sought financial advice. St. James’s Place revealed that 24.6 million Britons have never accessed any kind of financial guidance, while an additional 11 million are deterred from seeking advice due to perceived barriers.

Three primary reasons emerged for why people avoid financial advice. One-third of respondents felt their personal financial situation was too simple to require professional input, while almost 10% were unaware of the potential benefits of advice.

Additionally, 14% believed it was either "too early or too late" to seek financial guidance, demonstrating a lack of understanding about when advice can be most useful.

These findings underscore the persistent financial advice gap in the UK, where a large portion of the population is missing out on valuable opportunities to secure their financial future. The consequences of this gap are far-reaching, impacting not just finances but overall well-being.

However, the benefits of financial advice are clear. Of those surveyed, nearly half reported that receiving advice had helped them reach a specific life goal or overcome a significant life challenge, such as paying off a mortgage or navigating a job loss. Even more strikingly, two-thirds of respondents said financial advice had improved their quality of life, a figure that rose to 75% among those who received ongoing advice.

The emotional and mental health benefits were also notable. A remarkable 84% of individuals who received advice said it had positively impacted their mental or emotional well-being, with 25% reporting reduced feelings of vulnerability, stress, or worry. Among those who receive continuous advice, the figure rose to 92%.

Mark FitzPatrick, CEO of St. James’s Place, emphasized the transformative power of financial guidance, stating: “Many more people’s lives and futures could be improved simply by getting access to the support they need. The findings of this report confirm that sound financial advice can transform lives.

"We have lots more to do to help more people get the advice they deserve. But when we succeed, then individuals, families, and our wider society as a whole will all reap the benefits.”

With 75% of respondents saying they would recommend financial advice to others—and 86% of those receiving ongoing advice expressing the same—the evidence points to the significant advantages of accessible financial guidance.