Almost half of all people seeking financial advice think they can find all the information they need online, according to research from Birmingham Midshires.
The mortgage lender says home research on financial products can be useful but says it is important to seek regulated, face-to-face advice to navigate the complex array of products in the market.
Research conducted by Birming Midshires found 94% of all internet enabled Britons seek some kind of advice online, on anything from relationships, through to healthcare and financial matters.
Of those seeking financial advice, 46% say they are confident they can find all the advice they need online, while another 50% will seek online information before going to a secondary source of offline advice.
Price comparison websites are the most popular place to seek advice, followed by visiting an IFA and asking friends and family.
Tim Hague, managing director of mortgages at Birmingham Midshires, comments: "It is great that people now have more information at their fingertips, but it is important to remember that not everyone is the same and advice on everything from relationships to mortgages needs to be tailored to meet people's exact circumstances.”
The research also found that around half of those seeking financial advice online will spend between 30 minutes and two hours researching.
“The internet has empowered consumers to do their own homework before they commit to a financial product,” says Hague.
“While websites such as price comparison sites are valuable to help consumers through the financial products maze, financial decisions should never be taken lightly.
"Where mortgages are concerned, we recommend that people seek the advice of a regulated intermediary to ensure they get the deal that is right for them."
If you would like to comment on this story, contact:
Tel: 020 7034 2682
e-mail: [email protected]
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till