Money Advice

Britons 'turn to nearest and dearest for money advice'

Britons are more comfortable going to their friends and family for advice about finances than to independent financial advisers, a new survey claims.

The poll from the British Bankers' Association (BBA) revealed that top of consumers' lists for money advice were friends, family and the internet, followed by banks and post offices.

Most of those surveyed felt that the weekend media provided more valued information than independent financial advisers, television adverts or the Financial Services Authority.

Chief executive of the BBA Angela Knight said: "People are clearly comfortable asking their friends and family about their finances. There is also a demand for good online advice. But we must ensure people have the tools to make sensible and informed financial decisions throughout their lives."

She added that the best way to help people make sound decisions about spending and saving was to offer financial education young and stated that the BBA supported efforts to see financial literacy taught in schools.

Unbiased.co.uk recently claimed demand for independent financial advice on individual savings accounts (Isas) hit record levels in the first quarter of this year.