Home » Finance » Personal Finance

Getting Adequate Financial Advice Is 'Vital'

Nov 29, 2007
The majority of consumers are relying on their loved ones when it comes to getting financial advice, new research shows.

In a study carried out by Birmingham Midshires as part of its Not So Average Joe campaign, the old adage "it's not what you know, it's who you know" is reported to still hold relevance for many people in terms of getting help with fiscal matters. About two-thirds of Britons (63 per cent) claim that they will trust a person offering guidance on money matters, whether this relates to personal loans or mortgages, if they have first been recommended by a friend or family member. Meanwhile, some 44 per cent of those surveyed state that they are likely to listen to a financial adviser if they or the company that they represent has been regulated by the government or a statutory body.

Research from the financial services firm also showed that 37 per cent of consumers will take into account a recommendation by a fellow professional when choosing who to trust, while just over a quarter (26 per cent) base their decision on the qualifications that an adviser has. Meanwhile, the amount of experience held is a consideration for 38 per cent of those when looking for a professional to give them advice on homeowner loans, mortgages and other financial areas. Features deemed to be of less importance include a firm handshake, a smart suit and a university degree.

Commenting on the study, Tim Hague, managing director of mortgages for Birmingham Midshires, claimed that it is crucial that consumers seek out adequate financial guidance which is suitable for their needs. He said: "There are hundreds of mortgage products on the market and not all of them are right for every individual - which is why using an adviser is vital. While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different."

In taking the time to search for sufficient help on money matters, many consumers may find themselves in a more capable position to meet various demands on their spending and be able to select a cheap loan with greater ease. Earlier this month, it was revealed that thousands of Britons are taking the first steps in getting on their financial feet as Axa launched My Budget Day. The initiative involved employers giving 250,000 workers an hour out of their working day to plan their finances.

And such a move could well see many people make repayments on personal loans, utility bills and other areas of financial expense. Steve Folkard, spokesperson for the firm, claimed that spending an hour every month to manage their money "can make a huge difference" to people's financial situations and save them about 1,300 pounds over the course of a year. Research from Axa also revealed that about half of employers (49 per cent) would think about allowing their workforce the chance to sort out their spending, which in turn could see even more people learn to manage their money more effectively.
About the Author
Tom Dawson writes for Essentially Home Loans where visitors can apply for cheap secured loans online, we also specialise in poor credit loans, and tenant loans for UK residents. Visit Today: http://www.essentiallyhomeloans.co.uk
Rating:
Please Rate:
(Average: Not rated)
Views: 154
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources