UK Money News
24th December 2007
Poor advice 'impacts on Britons' finances'
Poor advice from family and friends has had a negative impact on the finances of many thousands of Britons, according to a recent study.
Millions of UK consumers are facing trouble with debt and are in need of help with finance, while around 16 per cent admit that following informal advice has at some point added to their problems with money.
The likelihood of having received poor financial advice from friends or family increases with age, according to Birmingham Midshires, which polled 2,000 people on the subject recently.
"Almost one in five people questioned in our study have suffered in some way as a result of a bad piece of advice," said Tim Hague, managing director of Birmingham Midshires mortgages.
"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, our study demonstrates that it really does pay to visit an expert."
The SG Wealth Management company recently welcomed the government's announcement that it intends to establish a free system of financial advice in the UK.
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