Investments News

Britons 'given bad investment advice from family' - 24/12/2007

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Over a third of Britons have received bad advice regarding their financial investments from their friends and family, it has been reported, with consumers suffering financial and emotional fallout as a result.

In a survey as part of its Not So Average Joe campaign, mortgages, savings and loans provider Birmingham Midshires revealed that a fifth of Britons have received bad financial advice of any sort from their nearest and dearest.

Poor investment advice topped the survey, with 37 per cent saying they had received inadequate information in this area, followed by mortgages for 19 per cent, insurance for 13 per cent and savings for 12 per cent.

Tim Hague, managing director of mortgages at the firm, 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."

He added that investors visiting a qualified independent financial adviser can gain impartial advice to help them choose the best investment product to suit their needs.

In August 2007, Abbey revealed that 23 per cent of first-time buyers rely on family and friends for mortgage advice, compared to 13 per cent who use mortgage brokers.

© Adfero

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