Robo demand sees just 28% choose face-to-face advice

However the data from Boring Money reveals that the appetite to pay for financial advice does not seem to be related to relative affordability. Just 33% of households with £100,000 - £150,000 of savings and investments said they would pay up to just £50 an hour for advice, while the same percentage would not be prepared to pay anything.

Just 7% of people in this wealth bracket would be prepared to pay more than £100 per hour.

Holly Mackay, Boring Money, commented:

“Robo advice, so often trumpeted as the solution for millennials, is actually far more likely to displace the red braces wealth management brigade and find its way into affluent, older households. 40% of Britain’s wealthiest households like the idea of Robo advice compared to a national average of just 18%. And the concept is more appealing to 35-44 year olds, compared to the 25-34 year olds who most commentators would have us believe are salivating at the chops with the prospect of managing their money this way.

“Once Robo Advice becomes really robo instead of today’s smoke and mirrors concealing what are mostly tech-light businesses, and actually provides some sort of advice, then digital advancements will be the only way to help the 21 million adults in the UK with savings and/or investments who do not have a financial adviser.”