Brits ‘turn to friends and family for financial advice’ Brits struggling with financial worries are more likely to turn to friends and family for advice rather than professionals – despite those using financial advisers recommending it.
According to a report by Aviva, 43% of people faced with financial difficulties have looked to family or friends for guidance.This number increases to almost three-quarters for 18-24 year olds, with more than half of the same age group using the internet.On average, just one-fifth said they would turn to an independent financial adviser (IFA) in the first place.But 95% of people who have taken the step to visit an IFA said that they have benefitted from the experience.Graham Boffey, Distribution Director at Aviva, UK Life, said: “It’s a concern that so many people are relying on friends or family and the internet for financial advice, and that they are not aware of what an IFA could offer them.”But it’s also quite evident that for those who use professional financial advice it adds value and gives them confidence in their decisions.”A report last week from Santander revealed that one in ten homeowners are letting out a spare room for some extra cash to make ends meet, showing the extent of cash-strapped Brits today. 
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