Shop around for financial services, experts say

Mon, 27 Feb 2006

Banks and building societies are still regarded as the best sources of financial advice, according to a recent survey.

More than 26 million adults – 54 per cent of those polled – call on these institutions for advice on money matters, financial website MoneyExpert and research firm Defaqto found.

Family members were found to be the second most popular port of call for help with financial decisions, followed by spouses.

Some 22 per cent of adults would consult websites for financial advice, followed by 21 per cent who say they seek out independent financial advice.

MoneyExpert and Defaqto expressed concerns that millions of consumers are failing to shop around for the best deal when they research financial products.

Although they do "a good job" in advising people on money matters, banks and building societies often give only "limited advice", according to the chief executive of MoneyExpert, Sean Gardner.

He says that the majority of these financial services providers only recommend their own products, which means that banking customers could miss out on the best deals.

"We would urge everyone to widen their horizons when they are looking for advice," Mr Gardner comments.

"Banks or building societies might be a good place to start but it should not be the end of your search."

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