Brits turn to family for financial advice

New research from Halifax Financial Services shows it is family members that UK consumers have turned to for financial advice in 2008. 53% of people make family and friend their first port of call for financial advice.

The vast majority (64%) remain unaware of the wealth of free and focused financial advice available either on the high street or from independent financial advisers.

Halifax Financial Services is urging consumers to take advice from a wide range of sources in 2009 and consult professionally trained advisers.

Over half of consumers chose the family 53% of consumers chose friends and family for financial advice rather than visiting their high street bank or a financial adviser, due to lack of awareness.

Public unaware of advice on the street Only one in three (36%) of the public realise that financial advice is available to them from their high street bank. Most believe that they would have to be referred (36%) or visit a separate independent establishment (28%)

Females prefer family advice Women are more likely to turn to family for advice than men. Nearly four in ten (39%) females will ask relatives for guidance on money matters, compared to just under a third (27%) of men.

But... males seek financial advisers Men are more likely to visit a bank branch than talk to family and friends about their finances. Six in ten (58%) men will get money advice from their high street bank or independent financial adviser compared to just half (50%) of women.

Need for advice widely acknowledged Over half the population (51%) believe that seeing a PFA would benefit their current finances, however, only one sixth (16%) have visited one in the last year.

Trusted Source 85% of the public would trust the advice given to them by a financial adviser

Pensions are a key concern Almost half of the population (40%) wish to seek advice on pensions over a variety of other financial products.

Start young for the best rewards On average, the UK population believes it is wise to visit a financial adviser by the age of 30, with the majority (54%) feeling that such advice is most beneficial between the ages of 20 and 30.

Financial advice that's not linked to earnings A third (32%) of the population believe it is important to seek advice from a financial adviser, whatever your income level or age, to avail of all advice and products focused to your needs.

Karen Crowshaw, Managing Director of Halifax Financial Services, said: "It's encouraging to see that the public feel they can be open and honest about their finances with friends and family. However, we are in unprecedented times and things are changing at a phenomenal rate. It is essential that consumers make the most out of the free and focused advice available to them from trained professionals in the year ahead. Advisers will be able to make personal recommendations on how people can bolster their financial position - and make 2009 a good year for your finances"