Friends acting as financial advisers, poll reveals

Thu, 02 Feb 2006

British adults are reluctant to ask professional advice when making financial decisions, new research shows.

Alliance & Leicester Investments & Protection reveals that the majority of Britons would rather turn to a partner or friends for guidance regarding financial matters or their health and careers than consulting a professional.

Only 29 per cent of those surveyed said they get expert advice on financial matters, while the other more than two-thirds say they discuss these with a partner or friends, if they consult anyone at all.

"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," comments Lindsey Henson, the Investment & Protection product manager at Alliance & Leicester.

For general advice, two million people opt for consulting the internet.

"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 says.

As for health advice, almost 18 million adults say they refrain from visiting a doctor when they need health advice, with 23 per cent claiming they consult their partners or parents.

Only one in ten Britons seek professional career guidance when having to make decisions affecting their employment.

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