A fifth of Brits have been satisfied to put money into cryptocurrency by pals on the pub
A survey of 2,000 adults has revealed that one in four have been persuaded to invest in stocks and shares by a friend during a pub visit.
Some have even avoided certain financial products (18%), applied for a credit card (17%) or placed a bet (14%) based on these recommendations.
Nearly one in five find unsolicited advice on their spending habits ‘annoying’ with cryptocurrency advice deemed the most irritating.
However, this hasn’t stopped a fifth of respondents making an investment in crypto following a friend’s recommendation.
A more prudent 41% have declined their friends’ financial guidance. As a quarter said they like to do their own research and another 16% prefer professional advice.
Helen McGinty, head of finance advice distribution at Skipton Building Society, which commissioned the study, noted: “Everyone seems to have a friend who is always ready to share their ‘brilliant’ money-saving tip or investment ideas,”.
“Some conversations are really worth having, but whilst it can be great to chat about finances informally with your friends, making decisions about your money is a big deal, so it’s always wise to do your own research and to seek advice from a qualified professional”.
A whopping 96% of people agree that it’s crucial to verify financial advice before implementing it – the main reasons for doing so were to fully understand risk and avoid potential losses.
Yet, when it comes to finding professional advice, respondents say they don’t believe they need any and that it’s too costly.
Helen McGinty from Skipton Building Society commented: “There are a lot of misconceptions out there about what qualified financial advice is and what it actually involves, and we know this can stop people from seeking the help they need.”
“We believe everyone, regardless of their background or financial situation, should have access to valuable advice to make informed choices and to enable you to make the most of your money.”
“We’re proud to be one of the few building societies to offer free, financial advice to help our members make confident, informed decisions about their financial future.”
