Online financial services first option for consumers, suggests survey

Thu, 27 Apr 2006

Consumers seeking financial advice on savings accounts, mortgages, loans or investments usually head to the internet first, reveals a survey.

Approximately a quarter of the target market for independent financial advisors (IFAs) see the web as their first port of call for information, according to a Mori poll conducted for Independent Financial Adviser Promotion (IFAP).

Around 22 per cent said they usually went to their bank or building society for advice on financial products.

A fifth said they would seek advice from a high street IFA and 16 per cent said they'd turn to friends and family about financial services.

Another one per cent said the phone book or Yellow Pages would help them track down advice on loans, mortgages or investments.

David Elms, chief executive of IFA promotions said this survey further highlighted how using the internet to seek financial advice is becoming just as commonplace as using it to research for holidays or new jobs.

His comments follow similar research conducted on behalf of Alliance and Leicester revealing that since 2003 there has been a 63 per cent rise in the number of people managing their bank accounts online.

The research revealed that most consumers not only like the convenience of internet banking, but say it helps them keep better control of their finances rather than dealing with paper bank statements and credit card bills.

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