Less than a third of UK seeks out personal finance expertise

Less than a third of all UK adults turn to specialists when in need of financial advice, a new survey has revealed.

Instead of seeking out a fully-trained and competent professional, 16 million Britons said that they speak to their partner when they need to make a financial decision, and eight million make their friends their first and only port of call.

Another two million look online – maybe effective when you need to compare credit card deals or homeowner loan best rate offers, but not when you need to make a decision you will potentially live for the rest of your life.

“It’s natural that people should turn to those closest to them for general advice on life, but it is concerning that they are not turning to the experts for more serious matters such as health and major financial decisions,” said Lindsey Henson of Alliance & Leicester.

“When it comes to our finances, whilst a chat with our partners can help vent any worries and explore our plans, it cannot compare with a structured discussion with a qualified financial adviser.”

Online advice is also often generic and while an excellent source for research and background info, should not be seen as definitive personal advice, she added.

“While the internet can be used as a great source of information, it is no substitute for getting advice that is tailored to your individual situation and needs,” Ms Henson concluded.

© Adfero Ltd

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