UK adults are most likely to turn to online and TV experts when it comes to planning their financial future, says a new survey.
More than a third (35%) said they use this source when managing their finances, followed by comparison sites (30%) and family members (29% says research by Quilter.
The research suggests that younger generations are much more likely to turn to family members for guidance in their financial decisions.
For Generation Z (18-24-year-olds), family was by far the most popular option, with four in ten (39%) saying they turn to this source compared to just 26% putting their trust in TV experts. Even 25-34-year-olds were more likely to use family members over any other source with 44% choosing this option.
When asked which one source they used the most when planning their financial future, just over a quarter of all adults with financial concern for others (27%) said they did it alone, while Online/TV experts (16%) and family (14%) followed.
Rachael Griffin, a tax and financial planning expert, said: “As technology has become so embedded in modern day life, it is natural for people to turn to sources either online or on TV. In a world that can often be confusing and overwhelming, some have done a fantastic job at making financial management seem more accessible and doable for everyone.
“However, while these experts are great at recommending energy deals or insurance, they cannot provide the answer to everything and will often only give generic one size fits all guidance.
“Things like pensions, investments and tax planning are all crucial parts of people’s finances, but these experts cannot always help, either for regulatory or knowledge reasons.
“Everyone’s financial future is unique to them and as such engaging with a financial professional, whether that be a financial adviser or an investment manager, will enable you to create a tailored and individual financial plan that is specific to your circumstances.
“It is also interesting that the research highlighted the role families play in providing financial knowledge and security.
“Younger generations’ habits are often formed by what their parents did and as such it is natural they want to seek their advice on financial matters. Planning finances across multiple generations is a great way to build on that knowledge and ensure the family unit can work together for each other as well as themselves.”
