You are here: Home - Household Bills - News -

Martin Lewis more trusted by over-50s than financial advisers and banks

Written by:
Financial advisers and bank managers need to take note as a new survey reveals that Money Saving Expert Martin Lewis is the most trusted source of financial advice for the over-50s.

A new survey from the LiveMore Barometer, which explores the financial concerns of more than 2,000 people aged over 50 years old, has found that those in that age group trust the financial expertise of Martin Lewis over banks, financial institutions and advisers.

When asked to say which financial advice they trust the most, the highest number at 35% put Martin Lewis’ top – above friends and family – 30% – and their own online research with 29 per cent. However, financial advisers at 22% fared better than bank managers who were the least trusted and cited by only 15% of respondents.

The forgotten generation

One in seven respondents (14%) say they feel like the “forgotten generation” when it comes to financial products. Some felt that the financial institutions were either not working on their behalf, did not have enough information for them or over-promoted certain products to ensure a sale.

Others said that financial products aimed at them did not address the real issues facing people of their age – while many said that the promotion of financial products to people over the age of 50 was “patronising and condescending.”

One respondent said: “I feel invisible. Not old enough for a lifetime mortgage, not rich enough for fixed-rate mortgages on the market. I have no help from anyone.”

Financial sector ‘threatened by Lewis’

LiverMore CEO Leon Diamond feels that the financial sector only has itself to blame for how it is viewed by 50-90 years olds because it has squandered their trust.

He said: “It’s become fashionable for the financial industry to criticise Martin Lewis but that’s because it’s threatened by him.

“His critics say he’s a journalist, not a financial expert, but whether they like it or not, he has consistently shone a light on an industry which is often less than transparent – and that has created a trust issue. When it comes to 50-90 year-olds, the findings of our survey show how stark that lack of trust has become with formal industry advice languishing near the bottom of the rankings.

“People are now looking to do their own research, they want to come to their own conclusions and, when they do so, the industry’s impenetrable language of rates and commission fees pushes them into the space owned by Martin Lewis – where the language is more transparent and where all the options are, frankly, explained more clearly.”

Diamond said the industry’s past preference for mortgage rate short-termism was a big part of the trust issue.

He said: “In the US and Europe, 10, 15 or 30-year fixed rate mortgages are common. While in the UK, the industry continues to work on short-term two- or five-year cycles.”

Recently, reported that Lewis had funded a £25k research project to help mortgage prisoners.

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.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week