The modern world of financial services has become an extremely complicated place. Whether someone is looking for suitable family or loan protection, a pension plan, investments, or a personal loan or home owner loan, the range of products and choice of provider is quite staggering and for someone who maybe is not an expert in this particular field, it could be all too easy to get things wrong and make some costly mistakes if they try and sort out the best deal for their particular needs, without taking some form of professional advice.

But despite this obvious need for financial advice, around 37 per cent of the UK population has never sought advice from a professional adviser. The report comes from a survey conducted by HSBC and although the survey is focused on retirement planning, it also highlights the fact that more than a third of consumers have never sought advice on other financial matters such as home owner loans or mortgages, the best type of personal loan to meet their needs, or suitable protection products to cover their family and loan commitments.

The report from HSBC shows that a large majority of the population is not making sufficient financial plans for the future, with only 21 per cent of individuals attempting to cut the amount they owe on their personal loans and other debts and a further 14 per cent not making any savings or retirement plans for their future needs.

For anyone who has not taken advice, a personal financial review is essential and this could help someone to reduce the amount they pay out each month on their loans and other debts, or to plan for their future requirements. The Financial Services Authority (FSA) website has a list of registered Independent Financial Advisers in your local area.