The affordable advice gap – where people are willing to pay for advice but think it is too expensive – is at a record level, according to Open Money.

In its third annual advice gap report, the online advice service estimated that six million British people would now pay for advice if it cost less. This is up from 5.3 million last year.

The report found that, among people who would be unlikely to pay for advice, women are more cost-conscious than men.

Around 20% of women said they would be willing to pay for advice if it cost less, compared with 14% of men.

Young people are least concerned about cost, with just 11% of 18 to 24-year-olds identifying it as an issue, compared with 20% of those aged 35-44.

Although cost remains a significant concern, the report revealed trust and value are more important when it comes to encouraging people to pay for advice.

A third (33%) of respondents who would be unlikely to consider paying for financial advice said they would need to be convinced that advice would save them money.

A further third (32%) said they would need to be sure they could trust the advice.

Open Money co-founder Anthony Morrow said: “Although the affordable advice gap has increased, our research found that trust and value are far more important than cost to both genders and all ages.

“People want to be convinced that taking advice will make a difference to their finances and save them money overall.

“Trust has long been an issue in the advice sector: memories of a sales and commission driven culture at some firms and an over-reliance on complex products and jargon have damaged people’s view of all advisers.

“Restoring people’s faith in the benefits of financial advice is therefore crucial to closing the advice gaps.”