Banks best for financial advice?

Most people in the UK think the place to go for financial advice is their existing bank or building society, according to new data.

More than 26.4 million Britons (54 per cent) rated banks and building societies as top, research for MoneyExpert.com and Defaqto shows, with family and partners/spouses the second and third choices.

"Banks and building societies do a good job with the limited advice they offer. However, these organisations, with one or two exceptions, only recommend their own products," said Sean Gardner, MoneyExpert.com’s chief executive.

"Customers relying on them will therefore not be researching all the available products and may be missing out on the best deals."

Fewer than one UK resident in four felt heading to an independent financial adviser was the thing to do when in need of financial advice, with more people choosing to head online than to see their local IFA.

Men are 50 per cent more likely than women to go online to find financial advice, with the fairer sex more likely to turn to family than men.

One Briton in eight goes to their boss or work colleagues for financial advice, with one in seven going to the Citizens’ Advice Bureau for help.

"We would urge everyone to widen their horizons when they are looking for advice. Banks or building societies might be a good place to start but it should not be the end of your search. There is plenty of help out there which need not cost anything and crucially is also independent," Mr Gardner commented.