'Brits choose banks for financial advice'

28 February 2006
Most Britons go to their banks and building societies for financial advice, according to a new survey.

Over 26.4 million UK adults have them as their top choice to go to in order to receive help and advice for their finances, a joint survey by MoneyExpert.com and Defaqto revealed.

Around 54 per cent of people believe that banks and building societies are among the best source for financial advice – above relatives and partners or spouses.

Just 21 per cent of Britons would go to an independent financial advisor if they have money queries, while a further 22 per cent would get help from the internet.

But many Britons are failing to shop around in order to find the best deals, according to the two companies.

Sean Gardner, chief executive of MoneyExpert.com, said: "Banks and building societies do a good job with the limited advice they offer.

"However, these organisations, with one or two exceptions, only recommend their own products.

"Customers relying on them will therefore not be researching all the available products and may be missing out on the best deals."

Mr Gardner urged Britons to "widen their horizons" when it comes to looking for financial advice, saying that banks and building societies should be the start and not the end of their search.

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