A recent study by Aqua surveyed 5,000 Brits to explore which resources people turn to for financial advice and how much trust they place in them. The research revealed that nearly one-third of Brits (30%) say that financial mistakes have caused increased stress, and 41% feel negatively about their financial situation. Financial advisors are the most common and trusted source of financial information and advice in the UK, with 35% of adults turning to them for personalized guidance and 80% considering them highly reliable.
TV programs like The Martin Lewis Money Show are also popular, with 29% of Brits relying on them for clear, straightforward advice and 79% trusting the information provided. For younger generations, friends and family are the primary sources of financial tips, with 30% of 18-24 year-olds and 32% of 25-34 year-olds seeking advice from their personal networks. As people age, their preferences shift; 36% of 35-44 year-olds turn to financial advisors, while those aged 45-54 favor practical advice TV shows offer (33%).
Social media platforms are rapidly becoming key resources for financial information, especially for younger adults.
Financial advisors lead trusted advice sources
Nearly 1 in 10 Brits (9%) now consult online platforms for financial advice, while another 9% look to finance influencers.
However, despite ranking in the top 10 places people get financial advice, social media sites aren’t the most trusted sources. Only 26% of Brits say they trust specific platforms, with even lower trust levels for Instagram (17%), X (16%), Facebook (15%), and TikTok (15%). Sharvan Selvam, Commercial Director at Aqua, stresses the importance of using credible sources when making financial decisions.
He encourages people to rely on established, reputable sources of information, such as FCA-regulated financial professionals, and to take advantage of credible, free resources like workshops and webinars offered by banks and financial organizations. Government-backed sites and non-profits like Gov.uk, Citizensadvice.org.uk, and MoneyHelper.org.uk also provide unbiased, reliable information. With a challenging financial backdrop in the UK, it’s more important than ever to obtain financial advice from trusted and reliable sources to avoid potential financial pitfalls and stress.
Individuals can confidently navigate their financial journey by consulting these sources and cross-referencing research.
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