The fear of falling foul of commission-hungry financial advisers and a lack of time is being blamed for many of us not making a brighter financial future part of our plans for 2006, according to a new report.

Yorkshire and sister bank Clydesdale found three out of four (75%) of us believe financial advisers will only try selling us products that will make them the most commission, rather than ones that really meet our needs.

Furthermore, one in six (16%) people say they often do not make financial plans because they do not have the time to shop around for the best options.

Tim Willis, Yorkshire Bank's head of financial planning, said: "Many of us will have made a New Year resolution to sort out our finances. However, some of us don't seek professional financial advice because we are under the false impression that the advice we get is often motivated by commission the adviser may receive."

"Coupled with a lack of time to research things for ourselves, many of us are probably not making the most of our money."

"This is worrying when you consider the national consumer debt stands at more than £1 trillion and reports about the massive national pensions shortfall."

Yorkshire and Clydesdale's resolution for 2006 is to completely scrap tiered commission on all our investment funds, including ISAs, investment bonds and pensions. "Anyone who has vowed to make the most their finances in the New Year can be assured all of our advisers are now paid the same rate no matter what product they sell," said Tim Willis. "Customers can be certain that the only factor influencing what an adviser recommends is what will be best for them."

As part of Yorkshire and Clydesdale's new approach to offering financial advice, it now offers customers a "one-stop shop" giving expert advice on a wide range of cherry-picked financial products from well-known providers such as AXA, Friends Provident, Legal & General, MLC, Norwich Union, Prudential and Standard Life.

Tim Willis added: "The one-stop shop approach is designed to help customers who do not have the time to shop around for the best products. With Yorkshire and Clydesdale already having selected leading providers, customers can be confident of having the choice of some of the best products around and advice which is not influenced by levels of commission."

Who would they visit?

Yorkshire Bank's research found one in seven (15%) people wouldn't know where to start when it comes to making the most out of their money. A further one in five (20%) would really appreciate someone taking the time to explain how they could maximise their personal finances.

For those willing to seek expert help, the research found consumers are unsure about who to speak to for the best advice:

• One in four (24%) would speak to an independent adviser
• One in five (19%) would talk to a high street bank - as they're likely to be more trustworthy than an adviser chosen from the phone book
• One in nine (12%) would be worried they might not understand what an adviser is telling them
• One in 10 (12%) would ignore expert help and consult family and friends instead
• One in four (26%) would choose an adviser on the recommendation of a friend or family member.

Tim Willis added: "In the past, consumers have had the dilemma of picking between an independent financial adviser, who'd have to access to a wide range of financial products from various providers, or speak to a high street bank, traditionally trusted but limited to offering own brand products."

Tried and tested

According to Yorkshire Bank's report, those who have benefited from financial advice are much more confident about their financial future. One in four (28%) were much happier with the general state of their finances, and 84 per cent had invested in a product recommended to them by their adviser which had reaped financial benefits.

Almost one in two (47%) also felt their financial future was secure, compared to less than one in five (19%) who had not taken financial advice.

Similarly, Yorkshire Bank found those who had visited a financial adviser are also making the most out of the products available. Fifty seven per cent have changed their mortgage during the last 12 months to save money, one in two (50%) have effectively used their tax-free savings allowance last year and more than four out of 10 (42%) have set up a retirement fund.

These figures are much higher than those who have not taken advice, where only one in 10 (11%) have changed their mortgage, a similar number (10%) had taken full advantage of their tax-free savings allowance and one in four (24%) had made provision for a pension.

Tim Willis said: "Time seems to be a major barrier for many people when it comes to sorting out their finances. However, our findings do suggest that those who have made time to see a financial adviser believe it has been time well spent, and their financial outlook has improved as a result."