Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Four advice gaps


Published on

Joe Lane - Citizens Advice Bureau. langcatDeadX talks. 9th Dec 2015

Published in: Business
  • Be the first to comment

  • Be the first to like this

Four advice gaps

  1. 1. @JoeALane #langcatdeadx How can we ensure more people have access to advice?
  2. 2. ● Put URL into phone browser and click once on the table ● FCA population groups and consumer needs The advice gap?
  3. 3. Why more than one advice gap? • Who are Citizens Advice? • Why are we interested? – FAMR – Treasury review – Broad remit • Our aims – Consumer protection – Improving money advice – A better system
  4. 4. The affordable advice gap • Most widely recognised gap in money advice • Simple analysis to capture latent demand – 5.4 million would be more likely to pay if it was cheaper • But demand for advice is not uniform - overlap with free advice
  5. 5. The free advice gap • Not accessed - 5.3 million people have needed it and not used it • Overstretched - 735,000 have tried to get advice and not been able to • That need is ongoing
  6. 6. The awareness and referral gap ● General awareness problem - 3.3 million who needed advice didn’t know it was provided ● Compounded by the lack of referral system to point people to advice ○ 3.4 million people who shared money problems ○ 2 million people more likely to pay if easier to find
  7. 7. The preventative advice gap • A consequence of the way money advice is provided • People don’t get advice at the right time - 48% would have benefitted at one point in their lives • People do not get the help they need - 1.23 million have not had non-money issues dealt with
  8. 8. • Did not aim to put a total number on the number missing out on advice • Some key conclusions – The demand for advice is low and overlaps with free advice – There is an ongoing need for free advice – Signposting and timing are crucial Summary
  9. 9. What might be done? ‘my intuitive thinking is just as prone to overconfidence, extreme predictions, and the planning fallacy’ Possible outcomes • Unlikely that the government stops at just at reducing possible liabilities • Focus on making it easier to develop tech based advice and simplify the categorisation of advice • Focus on a few product areas - chiefly taking a retirement income and dealing with small pots - for middle income consumers • Free advice...
  10. 10. Published October 2015 Citizens Advice is an operating name of The National Association of Citizens Advice Bureaux. Registered charity number 279057. Free, confidential advice. Whoever you are. We help people overcome their problems and campaign on big issues when their voices need to be heard. We value diversity, champion equality, and challenge discrimination and harassment. We’re here for everyone.