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British purses hit by poor advice - Financial news from Quotesure - 14/02/2006


Failure to seek out the best financial advice has substantial costs
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British purses hit by poor advice

UK consumers' failure to seek out the best financial advice is costing them substantial sums, new research has shown.

A survey by invest06 shows that more than two in five Britons have received poor direction in managing their budgets, with a quarter never compensated for their losses.

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

Although conceding that most of the poor advice came from friends and family, he said the situation reflected poorly on existing financial services after a series of high-profile pension and mortgage scandals in recent years.

'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,' he commented.

Ignorance of the services available represents another symptom of the problem, with one in four never having received financial advice, and one person in three not knowing where to turn should it be required.

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

British consumers can find the most straightforward advice on day-to-day financial issues by looking online.

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