You are here: Home - Uncategorized -

1 in 5 Brits receive bad financial advice

0
Written by:
24/12/2007

Almost 1 in 5 Brits have received bad financial advice from their friends and family, according to research from Birmingham Midshires.As part of its Not So Average Joe campaign, the specialist mortgage provider polled more than 2,000 Brits on the consequences of taking advice from friends and family.

The study found that 16% of those polled had been given bad advice by their nearest and dearest. This figure rose to almost a quarter amongst 45 to 54 year olds and fell to 10% for 18 to 24-year olds. More than a third were given bad advice relating to investments. A significant perecentage also suffered at the hands of mortgage advice from friends and family. Bad advice was least likely to be given about pensions (10%). Tim Hague, managing director of Birmingham Midshires mortgages, said: “While it may appear more accessible and less time-consuming to act on the recommendations of friends and family when it comes to financial advice, rather than to seek qualified and professional advice, our study demonstrates that it really does pay to visit an expert. Almost 1 in 5 people questioned in our study have suffered in some way as a result of a bad piece of advice.”While the vast majority (81%) of those who have been given bad advice from friends and family suffered financially, the negative impact of bad advice is not restricted to the purse strings.  Almost one in five wasted a lot of time in the process. Just over 12% admitted that their relationship with the person who gave the advice had deteriorated. A minority of those questioned (4%) lost an asset such as a house, a car or another belonging of value. Hague added: “By visiting a qualified expert in financial products, such as an independent financial adviser, you will get impartial financial advice which will help you work your way through the maze of financial products available. As a result, visiting a qualified adviser can save a lot of time in the long-run; and you can rest assured that you are making a financial decision which will be tailored to your own needs.”
  

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
£1.5m per minute to be spent in Christmas Eve rush

Millions of shoppers are leaving their Christmas shopping to the last minute with over 19 million people planning to hit...

Close