The most common savings were made on holidays (an average of £60), shopping (£46), eating out and entertainment (£35 respectively). Six in 10 adults regularly forward tips and special offers to people they know.

Recommendations not only save money, but time and worry. 61 per cent said they felt that acting on recommendations saved them around half an hour every week; just under half (47 per cent) said they were less stressed when making decisions based on recommendations, just over a third (37 per cent) feel less anxious.

The research also indicates that a good recommendation has ‘pass it on’ potential; a good recommendation is likely to be passed on at least twice – 10 per cent pass recommendations on to five or more people.

With consumers leading increasingly busy lives, the trend of recommending a friend, leaving a review on social media, using a comparison website or simply telling people about a great purchase has never been more common.

“Consumers face information overload on a daily basis, so finding a way to navigate efficiently through the choices we need to make is increasingly important,” said chartered psychologist Simon Moore, who conducted the study on behalf of American Express. “Recommendations from family and friends are a very effective way of doing this. By listening to people we trust we can cut anxiety by using their experiences to make a less risky decision. We can also gain pleasure in making recommendations to others as it makes us feel important and that our opinions are valued.”