Consumers neglecting to take financial advice

Financial Advice

A new study by Aviva has discovered that an alarming amount of people are utilising family and friends for financial advice instead of industry professionals.

It appears that a huge number of people, 80 percent, are choosing to seek advice from untrained friends instead of seeking real advice, which can lead to grave financial consequences in the long term.

The Aviva report sought to gain an insight into the minds of consumers with regards to personal finance and financial advice. The main finding of the report was that a large bulk of consumers are unaware as to what exactly an IFA can offer. While many knew that an IFA offers advice on basic matters such as savings and investments, only 15 percent knew that an IFA can offer bespoke and specific financial planning with a long term range, geared to your specific needs.

Graham Boffey, distribution director at Aviva, said: “It's a concern that so many people are relying on friends or family and the internet for financial advice, and that they are not aware of what an IFA could offer them.”

Sound financial planning is vitally important for people who are interested in enjoying a comfortable financial life and providing for the family and loved ones. Visit our Contact an IFA section if you wish to be put in touch with a recommended adviser.