Third of consumers have never looked for financial advice

New research from Zuto Car Finance has revealed that even in a cost-of-living crisis, almost a third of consumers (31%) still haven’t looked for financial advice.

Just 23% of those surveyed rely on the expertise of a financial advisor and 22% contact their bank first to discuss any financial matters. 12% would immediately seek help from a friend, matched by a further 12% who choose to browse the web for information. In fact, google searches for ‘financial advice help’ have gone up by +800% over the last year alone.

It was found that 30% of people verify everything they hear from an expert, while 22% say they check most of the advice they receive online. Unfortunately, 30% of those surveyed say they never verify any of the information they receive from social media.

Despite a large percentage of Brits not seeking financial advice, most people who were surveyed believe they have sound financial knowledge.

The findings show that 42% of consumers consider themselves to have a good financial understanding, whilst men (46%) appear to be more confident than women (38%).

Lucy Sherliker, Head of Customer at Zuto said “It is quite surprising to reveal how many Brits have never reached out for financial support. The important takeaway should always be to contact a financial expert for verification.”

The top places Brits turn to for financial advice:

Financial advisor	23%
Bank	22%
Family and friends	12%
The web (Google etc.)	12%

Do Brits verify financial advice from social media?

Verify all advice from an expert	30%
Verify most of the advice	22%
Never verify any social media info	30%