You probably already know how valuable financial advice can be when it comes to setting goals and staying on track.

Despite this, many in the UK still aren’t making the most of financial advice.

According to a survey from the Financial Conduct Authority, fewer than 9% of savers received financial advice on pensions, retirement planning, or investments in the 12 months to May 2025.

This means that many Brits are missing out on support that could make a significant difference in reaching their goals, and some common misconceptions might be contributing to this.

Continue reading to discover five financial planning myths, how they could hold you back, and what to about it.

1. “I can manage my own money perfectly well”

It’s entirely normal to feel confident about managing your finances. You know your money better than anyone else, after all.

However, it’s worth remembering how complex finances can become, especially around tax, pension legislation, and long-term planning. Even if you’re experienced in one area, others may throw you off.

For instance, recent changes to Inheritance Tax rules mean that your pension is set to be included in your estate from April 2027. This legislation shift could make estate planning far more complex, and result in a larger-than-expected tax bill for your loved ones.

Our professional advisers won’t replace your own judgement, but we could enhance it. We can act as a sounding board, offer much-needed clarity, and highlight options you might not have previously considered.

Using the above legislation changes as an example, your planner could help you make the most of your pension before it forms part of your estate, reducing a potential tax bill.

At Optimum Path, we can work closely with you to build your financial confidence and identify opportunities that align with your goals.

2. “I’m too young for financial advice”

Depending on your age, you may believe that financial advice is something to think about later in life. Yet, the earlier you begin, the more beneficial the effects.

Getting into good financial habits early, such as accumulating savings, contributing to a pension, or managing debt, can benefit your long-term financial security.

For example, thanks to the power of compounding – which is essentially “growth on growth” – even small contributions to your pension can make a significant difference over time.

Take the graph below, which is based on monthly contributions of £100 versus £300, assuming annual investment returns of 5% and no fees.

Source: Bestinvest

By year 10, the £300 monthly saver has £81,258 compared to £49,183 for the £100 saver. After 30 years, the gap widens significantly, reaching £350,901 versus £177,382.

As you can see, the earlier you start saving for your future, the harder your money can work for you.

3. “It’s only for ultra high net worth individuals”

The myth that financial advice is only for the ultra-wealthy is surprisingly persistent. But in reality, financial planning is for anyone who wants to feel more in control of their money and make smarter decisions.

Whether you’re early in your career, starting a family, or planning your retirement, advice can help you identify your priorities and manage anything life throws your way.

A planner can help you create a roadmap, adapt to changes, and keep your finances aligned with your goals at every stage of your life.

At Optimum Path, we don’t just work with ultra high net worth individuals, so contact us to find out what we could do for you.

4. “I’ll lose control over my finances”

Another common worry is that financial planning means losing control over your wealth.

Yet, financial planning tends to do the complete opposite. Indeed, good advice will give you the skills, knowledge, and clarity to make more informed decisions.

You remain fully in control every step of the way, while your planner guides you and helps you navigate the twists and turns.

Our approach to financial planning is collaborative, and we’ll always put your priorities first and build your plan around them.

5. “It’s too expensive”

It’s easy to assume that financial advice is too costly, especially if your only frame of reference is outdated ideas of hidden fees or commission-based models.

In fact, gone are the days when financial planners lacked transparency. Advisers are now required to disclose exactly how much they charge, and that exactly what we do on the fees page of our website.

Get in touch

We could help dispel any misconceptions you may have about financial planning and allow you to better work towards your ultimate goals.

Be sure to contact us now to find out how our Chartered financial planners can help.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The Financial Planning Authority does not regulate tax planning or estate planning.