New research from Aviva has found that 43% of people look to their friends or family when they need help making important decisions about their personal finances.
This makes friends, family and the Internet the top sources of financial advice for people in the UK.
Younger people, in the 18-25 age range, are much more likely to turn to friends or family for advice.
70% of those surveyed in this age range saw their friends and family as the first place to turn when they had a decision to make about their finances.
The over 65s were much more likely to turn to an Independent Financial Adviser (IFA) when they had important financial decisions to make.
The survey found that 28% of over-65s would visit an IFA when they needed financial advice. The same proportion would ask their bank or building society for advice.
Whilst overall the number of people using an IFA when they needed advice on key financial decisions was relatively low at 21%, those who use an IFA place great value on the advice they receive.
95% of those who consult an IFA reported they had benefited from their experience. The top benefits of using an IFA included feeling more comfortable with how they managed their money and feeling confident they had made the right decisions.
One in five people who visited an IFA also felt better educated about their financial planning.
Where do you turn for financial advice?
Photo credit: Flickr/laughlin
