Financial experts in the media rival advisers, brokers and banks as a source of information for making financial decisions, a survey has found.
The research also revealed that almost two-thirds (64%) of homeowners or those buying a home had not consulted a financial adviser and of these 38% did not intend to contact one at all.
Just 27% of the 2,000 homeowners or current buyers contacted by Censuswide in February on behalf of MetLife had sought regulated financial advice.
In all, when asked to they looked to for help, the largest proportion (29%) of people admitted they turned to financial experts and influencers such as Martin Lewis for their financial advice.
Only 22% would turn to a financial adviser, 21% a mortgage adviser or broker and 24% would contact a bank.
A further 21% would turn to online and media or news sources for their advice, but just 4% would turn to social media influencers.
Family or friends would be sought out by 17% of people for financial advice while 6% went to work colleagues and 3% would ask children or grandchildren.
Main worries
The study found the reasons for not seeking financial advice differed greatly and although 38% did not intend to seek advice, 5% could not afford to, 9% had not decided and 13% had not but might do so in the future.
And it also asked what financial worries were the greatest for people following the pandemic, four options led the pack: being made redundant or losing a job; having a reduced income or being furloughed; having to use savings to make ends meet; or getting into debt.
Rich Horner, head of individual protection at MetLife, noted the pandemic has put many people’s finances in an unexpectedly difficult position and that financial advice can make a big difference to how people think about their futures.
“It can help them better understand how to protect what is most important to them via valuable insurance policies, as well as helping to put plans in place for the future by developing a savings and investment strategy,” he said.
“But there are still a number of factors that are standing in people’s way.”
“While putting off making that first appointment is not new, it can be detrimental to people’s finances for the long term.
“The sooner you seek financial advice the earlier you can start putting a plan together for your future goals and ensure you have the right protections in place should the unexpected happen. If the last year has taught us anything, it is just how unpredictable life can be.”
