Today, financial advice is available from all manner of sources. Traditionally, people would head to their local bank or building society to ask for help with anything from buying a house to taking out a loan or saving for the future, but a growing number are looking to alternative sources for handy financial tips such as newspaper columns, independent advisers and, increasingly, the internet.
Online financial advice is readily available and accessible from a range of devices, providing millions of people with convenient tips, but how many of us are going away to the web? A survey by a building society asked a selection of people from across the country to find out how peoples’ attitudes to receiving financial advice have changed.
Where’s the bank again?
Nationwide, 64% of people in the survey said that they get their financial advice from online help forums such as Money Saving Expert. Conversely, just over 55% said they get their advice from their bank, building society or financial advisor, suggesting that either there has been a loss in trust of banks or that going online for money tips is far more convenient.
Despite this surprising trend for going online to receive sage advice, the majority – almost 76% – said that where they get their tips hasn’t changed in the last couple of years. Nearly 57% said that they hadn’t noticed a change in the availability of financial advice of late, compared to 24% who said that it had changed for the better and 19% who said it had gone in the other direction.
Best of both worlds
The results may also suggest that, despite more of us heading online, the majority still feel that their banks or building societies are a useful source of information when it comes to looking after their money. Perhaps they might do so just to get a second opinion after heading online, but getting a few different points of view can actually be very useful.
Going to the local branch could help with explaining how savings accounts, mortgages, personal loans and current accounts actually work in a far easier and more accurate way than some online sources. Also, being there for advice means that you’re in a better position to get any of those sorted, as the bank staff are more likely to be able to help set them up.
Because a lot of sound advice is readily available on the web and because the barriers to entry are so low on the internet, it makes sense for people to look for information online. The fact that banks score lower than a few years ago makes sense when I see how weary people are of banks’ activities, especially after 2008.
I usually use a combination of both: do my homework online, then ask targeted questions to the bank employees. That way I know they’re not telling me just anything and I’m sure the information online is actually decent!
I get almost all of my financial advice – if I need it – through online sources and just simply researching things for myself and trying to piece things together. Paying somebody for their advice is like paying to hear an opinion. There are a lot of them online so better to keep it online!
I have learned so very much from the PF blog community in the years that I have been reading blogs.. Of course, I do most of my learning online these days.
I find the majority of my information from the internet and from the television. Occasionally, I will listen to the television. I do not feel comfortable going to banks or other establishments. I just feel like they are willing to tell me anything in order to get my business.