Britons receiving 'bad' financial advice

15 February 2006
Bad financial advice is costing Britons dearly, according to a new report.

But these bad suggestions are coming more from friends and family than from professionals, a survey by invest06 revealed.

"Our research shows that 43 per cent of people who have taken financial advice in the past think it was bad advice," said Adam Taylor, invest06 spokesman.

"Although we must stress that the market has 'cleaned up its act' after the pensions miss-selling debacle of the 90s, it does go some way to explaining why so many people in the UK are putting off their financial future."

More than two out of every five Britons have received advice which with hindsight they thought was bad and have not been compensated for it, the survey found.

"With so many 'financial victims' out there, there's little surprise that people are wary of making financial decisions," Mr Taylor said.

Despite the high proportion receiving bad advice, the report also found that a quarter of UK residents have never received any financial advice.

This figure rises to one in three in London, invest06 found.

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