A quarter of adults admit to acting on financial advice picked up in the pub
ONE in four adults have been talked into investing in stocks and shares by a mate in the pub.
A poll of 2,000 adults found 61% have been given financial advice by friends over a beer in their local, despite 75% recognising it’s the worst place to get money advice.
Many have also acted on the advice received in their local boozer.
The survey found that 21% had put money into cryptocurrencies on the word of friends, 18% had avoided financial products, 17% had applied for credit card and 14% placed a bet.
However, a savvier 41% said they had refused to take on board the financial guidance of their friends, with 26% preferring to do their own research.
Nearly a fifth 19% said they didn’t feel they had the knowledge to dish out such advice, but only 16% look to the opinions of professionals instead.
Helen McGinty, head of finance advice distribution at Skipton Building Society, which commissioned the research, said: “Everyone seems to have a friend who is always ready to share their ‘brilliant’ money-saving tip or investment ideas.
“And when it comes to your finances, some conversations are really worth having, but whilst it can be great to chat about finances informally with your friends, making decisions about your money is a big deal, so it’s always wise to do your own research and to seek advice from a qualified professional.”
The research went on to find 73% find unsolicited financial advice “annoying” – with 23% of these ranking cryptocurrency counsel as the most irritating.
Nearly one in five (18%) have been wound up after receiving pointers on their spending habits, while 17% are fed up with hearing about stocks to put their cash into.
Almost all those asked (96%) said it’s important to fact check any financial advice from someone with qualification before actioning it.
But, 10% admitted they don’t know where to start with seeking financial advice.
Helen McGinty added: “Whether you’re looking to save for your future, don’t know how to make the most of your savings or even considering investing, every financial decision big or small deserves careful research.
“There are a lot of misconceptions out there about what qualified financial advice is and what it actually involves, and we know this can stop people from seeking the help they need.”
“We believe everyone, regardless of their background or financial situation, should have access to valuable advice to make informed choices and to enable you to make the most of your money.”
How to get free debt help
There are several groups which can help you with your problem debts for free.
- Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
- StepChange – 0800138 1111
- National Debtline – 0808 808 4000
- Debt Advice Foundation – 0800 043 4050
You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.
Speak to one of these organisations – don’t be tempted to use a claims management firm.
They say they can write off lots of your debt in return for a large upfront fee.
But there are other options where you don’t need to pay.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories