Five and a half million Britons fall into an "advice gap", according to an estimate from our insurance insight team at Deloitte. These are people who are unable or unwilling to pay for financial advice. Many of us - including policy-makers at HM Treasury - have been hopeful that automated advice - "robo" - cheaper than the human variety, would ride to the rescue.
In recent consumer surveys, we at Deloitte have found that actually, those with higher incomes are more open to having automated advice. So there is still more work to be done in making "robo" accessible to those who need it most.
Low consumer financial literacy and engagement are the key demand barriers preventing automated advice from reaching its full potential.