Fathers trusted for financial advice

WHEN it comes to seeking financial advice fathers are trusted more than professional advisers, a poll has shown. About 88% of people who asked their father for help when deciding on a pension, mortgage or investment said they were glad they followed his recommendations.

This compared with 79% who were happy with the advice they got from an independent financial adviser (IFA). Only 3% of those questioned who had asked their father for help said they wished they hadn't taken his advice, while just 2% said they should have gone to someone who was better qualified, according to B&CE Benefit Schemes, which provides financial services for the construction industry.

But despite trusting their father's advice, most people still go to a bank or building society for help on financial matters, with 20% of those questioned saying this would be their first port of call, followed by 18% who would consult an IFA.

Father's advice was rated more highly than counsel from mother, with 6% of respondents saying they would ask their father for help, compared with just 4% who would ask their mother. About 2% of people said they would consult their work colleagues, though respondents who did this were most likely to be disgruntled with the advice they received, with 24% saying they wished they hadn't followed it.

John Jory, deputy chief executive of B&CE, said: 'Some would argue that we have information overload when it comes to financial products and services. Our research shows that, despite the hundreds of thousands of pounds being spent by some providers, Brits still trust dad for advice when it comes to affairs of the wallet. Although we would encourage people to seek professional advice, it's interesting to see how much dad's views are still valued.'

Mori questioned 1,972 people by telephone between 4 April and 9 April.