Consumers shunning advice to buy online

clock • 1 min read

Consumers are becoming more confident in shunning specialist financial advice and purchasing financial products online, according to new research.

A survey by Defaqto revealed almost two-thirds of consumers are comfortable with researching and buying financial products online without professional advice.

The financial research firm found that 61% of people on average across all product areas are happy to buy products online.

It interviewed 2,500 consumers who were actively engaged in financial decision-making for the study.

Chief among these products being sourced online are short term income protection (IP) plans, which Defaqto statistics previously published by COVER, show has almost doubled from 20 to 38 since 2009.

The body said that its figures demonstrated that people are becoming increasingly confident when it comes to navigating financial products.

It added that, "significantly, they are more comfortable about making purchasing decisions without seeking advice from a professional source, such as a product provider or an intermediary".

More on Adviser / Broking

Thameside Associates expands Stonebridge partnership

Thameside Associates expands Stonebridge partnership

Continues for 10 years

Cameron Roberts
clock 20 February 2026 • 1 min read
Ed Bailey to lead Openwork Business School

Ed Bailey to lead Openwork Business School

Succeeds Helen Longland

Jaskeet Briah
clock 13 February 2026 • 2 min read
Financial advice should be added to workplace benefits – report

Financial advice should be added to workplace benefits – report

PIMFA Leading Lights Forum findings

Jen Frost
clock 13 February 2026 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read