[Monday 27 January 2025, London] In celebration of Financial Planning Week, Octopus Money, the money advice brand for everyone, has today unveiled new data revealing the age profile of its average customer in 2024. The findings highlight a significant development: Octopus Money’s average client is 38 years old, with its youngest customer aged at just 20.

The financial advice industry has long struggled to engage younger audiences. Fewer than one-quarter (20%) of advisers’ clients are under 45, with most clients (44%) falling within the 46–60 age bracket, and one third (33%) aged over 60 (SJP, 2022). However, there is a growing appetite for financial guidance among younger generations, with 90% of 18–30-year-olds wanting more help managing their money (MRM, 2024). 

Octopus Money – which provides 1-1 money coaching alongside digital advice – aims to break these industry norms by removing common barriers that prevent younger people from accessing professional financial advice. These include high asset thresholds, opaque fee structures, and perceptions that advice is only for the wealthy. 

Industry analysis estimates that the average advised client holds over £150,000 in assets under advice, while the proportion of independent financial advisers willing to support clients with less than £50,000 to invest fell from 53% in 2019 to just 25% in 2024. In contrast, Octopus Money’s data highlights a different picture, with the typical client earning an annual income of £60,000 – with their investable assets ranging all the way from from £10,000 to over £6 million.

The majority of Octopus Money clients are using financial planning services for goals including retirement (48%), buying or moving home (40%), and planning for their children’s futures or travel. This marks a stark difference to the traditional industry focus on wealth management for high-net-worth individuals.

Ruth Handcock, CEO at Octopus Money, said:

“Financial Planning Week is about raising awareness of financial planning and bringing more people into the fold. The sad truth is that the industry has a long way to go in reaching younger audiences. We’re proud to be leading the charge by providing a service that resonates with younger generations and makes financial advice accessible for everyone, not just the wealthiest.”

Kristian Manton, the UK’s youngest-ever Fellow of the Personal Finance Society and a Chartered Financial Adviser at Octopus Money, said: 

“At 25, I know firsthand that people my age often assume financial advice isn’t for them – that it’s reserved for older generations or those with tens of thousands to invest. But the truth is, starting early can unlock massive opportunities for their financial future.

“Too many younger people underestimate the power of small steps today that can lead to significant gains tomorrow. I’m proud that Octopus Money is breaking down barriers, making financial advice more accessible and relevant to younger generations. We’ve made great strides, but there’s still so much more to do.”

Case study: Jo’s journey to financial control

Jo, an Executive Assistant from London, is younger than the typical advice client at 41, but was able to take control of her future thanks to planning with Octopus Money. “Numbers are not my forte,” Jo admits. “But having someone break things down into actionable steps made all the difference.” Through Octopus Money, she was matched with a financial coach who provided insights tailored to her needs. With clear, actionable advice, Jo switched jobs for a higher salary to meet her goals. In just three years, she saved over £30k, positioning herself to make a lump sum payment towards her mortgage, which will open her up to the potential of renting out her flat on Airbnb.

Having worked at multiple companies over the years, Jo also decided to consolidate her pensions – which were spread across several pots – to enable her to track them more easily. She moved her investments to Octopus, which has enabled qualified investment professionals to invest it for her. Jo feels much more in control of her pension investment now, and is looking forward to seeing how this change might create higher returns over the long term.

Budgeting was another transformative step for Jo. “I’d never really analysed where my money was going month to month,” she says. By working with Octopus Money, Jo reduced unnecessary spending, began tracking her finances more effectively. “Now I have a 360-degree view of everything,” she adds.

ENDS

Notes to editor 

From a representative sample of 5,000 of Octopus Money customers – the research showed that in 2024:

• Octopus Money’s youngest client is 20.
• The average customer age is 38.
• The average income of an Octopus Money user is £60,000.
• Octopus Money customers told us they are planning for retirement (48%); buying a home or moving home (40%); their children (24%); travel (19%).
• On average, clients with money on Octopus Money’s platform have assets ranging from £10,000 to over £6m.

About Octopus Money

At Octopus Money, we make financial advice simple, practical, and accessible to everyone. Using a combination of experienced advisers, friendly coaches, and smart technology, we give people a clear and personalised roadmap for managing their finances to achieve their goals. Whether it’s saving for retirement, growing investments, or simply making your money go further, we meet you where you are, turning confusion into clarity and dreams into plans.

We work with some of the UK’s best employers, offering over 200,000 employees access to personalised money advice through their workplaces. Part of the B Corp-certified Octopus Group, we’re committed to transforming lives by helping more people plan for a better financial future.