It has been reported that more and more consumers are now turning to friends and family in order to get advice about their finances rather than opting to go to a professional in the field. A study was carried out by insurance giant Aviva, which indicated that the majority of people felt more comfortable asking members of their family of friends for help and advice relating to financial matters than asking an industry professional.
With so many people having debt to deal with and many others feeling confused about their financial situations, the need to get advice has become more and more prevalent. The study results showed that only around one fifth of consumers were inclined to go to a financial advisor in the first instance in order to get financial advice. However, the figures did show that the older people became the more likely they were to go to an independent financial advisor.
The study was carried out to examine consumer attitudes towards their finances and how valuable consumers found professional financial advice to be. Almost three quarters of those aged between eighteen and twenty four said that they would turn to friends and family for advice rather than going to a professional. However, only one quarter of those aged sixty five and over would opt to ask friends and family over a financial advisor. The results of the study further suggested that there was a general lack of understanding amongst consumers with regards to the advice and services that independent financial advisors were able to offer.
Tags: Financial adviser, insurance, Certified Financial Planner, Independent Financial Adviser, debt, financial advisors, financial advisorOne spokesperson from Aviva said: “It’s a concern that so many people are relying on friends or family and the internet for financial advice, and that they are not aware of what an IFA could offer them.”
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