Friends being tapped up for financial advice

08 August 2006
According to the findings of Alliance and Leicester Current Accounts, almost a quarter (23 per cent) of Britons rely on their friends for financial advice.

Savings accounts (24 per cent) and mortgages (21 per cent) were the most likely products people would ask their friends' advice on and 13 per cent of people said they had acted on financial guidance given to them by a friend in the last 12 months.

Despite the growing popularity and assumption of knowledge by friends, respondents still seemed to be sticking by the old adage that you should never borrow money from a friend – almost half (49 per cent) said they would never do so.

Helen Palmer, current accounts manager at Alliance and Leicester comments: "Good news travels fast, and there is no better endorsement than that of a friend.

"Our 'Recommend a Friend' scheme encourages people to spread the word that shopping around for the most competitive current account is a worthwhile process," she added.

Alliance and Leicester customers who recommend a Premier or Premier Direct account can earn themselves and their friend £50 each.

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