New Friends Life survey shows people are more likely to turn to their parents or partner for financial advice than they are to enlist the help of a financial adviser.
Parents topped the list with 31% of respondents agreeing they would be most likely to trust them for financial advice. A further 27% claimed they would ask their partners for assistance, while less than one in ten (8%) of those surveyed would rely on a financial adviser to guide them on financial matters.
Despite the research indicating financial advisers are not the ones people are most likely to turn to for help with money matters, there was an encouragingly strong showing in favour of paying for financial advice. 31% of those surveyed agreed that financial advice should be paid for – ranking it alongside accountancy (34%) and legal advice (37%).
The research was released today by Friends Life, to coincide with the Institute of Financial Planning’s Financial Planning Week. As a key sponsor of this initiative and a leading provider Friends Life has long called for greater access to professional financial advice.
The need for professional advice is stronger than ever, with the squeeze on family finances and government cutbacks biting.
Andy Briggs, Chief Executive Officer, Friends Life said: “It appears people are recognising the need for financial advice, which on the surface is very encouraging. It shows that money matters are preying on people’s minds and whilst they might be relying on family and friends for this instead of bringing in the professionals, they are at least assessing their financial situation.
“The danger is that by consulting your Mum or Dad instead of a qualified financial adviser you learn someone else’s financial habits instead of making your own empowered decisions supported by all the facts.”
Source : Friends Life
