Millennials are leading an increasing demand for advice during lockdown, according to new research.

Demand for advice has increased among multiple age cohorts amid the pandemic, Quilter research shows, but millennials have shown the greatest increase.

Research conducted for Quilter by survey company Toluna of 1,000 UK adults in April looked at consumer attitudes towards advice.

It asked those who have never taken advice before if they would consider seeing an adviser after lockdown.

The demand primarily comes from millennials aged 18-30, of whom 64 per cent would consider getting financial advice.

The research goes on to show 48 per cent of millennials are saving more, and 52 per cent of those nervous about their finances would consider using an adviser.

Quilter Financial Planning head of adviser recruitment and acquisition Scott Stevens says: “It is encouraging millennials are leading the charge and it is important that we encourage this group to keep up their saving habits and invest appropriately.

“It is times like these where financial advice comes into its own and, as a sector, we should ensure the value advice provides continues to be promoted. And that’s not just financial value.”

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