The majority of Britons turn to the internet or friends and family for financial advice, according to a new report.
These methods are more popular than getting such advice from banks or post offices, a British Bankers’ Association (BBA) survey has found.
Perhaps surprisingly, weekend newspapers were rated as more valuable sources of advice than either independent financial advisers, television adverts or the Financial Services Authority.
The BBA released the results of the survey at the same time as it responded to a Treasury consultation on financial capability, relating to government intentions to set up free financial advice help lines and information centres.
According to the BBA, the government would be better served encouraging people to use existing sources of financial advice.
Chief executive Angela Knight said consumers must be enabled “to make sensible and informed financial decisions throughout their lives”.
“UK banks offer free in-house information and are happy to help customers plan for all their financial needs,” she added.
In related news, financial analysts are widely predicting that the base rate of interest will be raised again in may following the announcement that inflation breached the three per cent mark in March.
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