Just how good is the UKs financial knowledge during the cost-of-living crisis?

A third of Brits have never looked for financial advice

  • New research reveals the top places Brits go to for financial advice, as well as our level of finance knowledge
  • 31% of people in the UK say they have never looked for financial advice
  • Google searches for “financial advice help” has gone up by +800% over the last 12 months

New research reveals that even in a cost-of-living crisis, almost a third of Brits (31%) still haven’t looked for financial advice.

Whether trying to buy a house or deciding on the best type of car finance, advice and information is available, but where are people searching for it?

Experts at Zuto Car Finance have unveiled where Brits seek out financial guidance, as well as determining how good their financial knowledge really is.

The top places Brits turn to for financial advice:

Financial advisor 23%
Bank 22%
Family and friends 12%
The web (Google etc.) 12%

Just 23% of those surveyed rely on the expertise of a financial advisor and 22% contact their bank first to discuss any financial matters. 12% would immediately seek help from a friend, matched by a further 12% who choose to browse the web for information. In fact, google searches for “financial advice help” have gone up by +800% over the last year alone.

Currently, 31% of Brits state they don’t seek financial advice at all. Given how puzzling some financial steps can be, especially when seeking guidance for bad credit finance, the team at Zuto Car Finance highly recommend reaching out for support.

Do Brits verify financial advice from social media?

Verify all advice from an expert 30%
Verify most of the advice 22%
Never verify any social media info 30%

Luckily, 30% of people verify everything they hear from an expert, while 22% say they check most of the advice they receive online. Unfortunately, 30% of those surveyed say they never verify any of the information they receive from social media.

Are we a nation who has good financial knowledge?

Despite a large percentage of Brits not seeking financial advice, most people who were surveyed believe they have sound financial knowledge.

Brits who believe they have good financial knowledge 42%
Men who believe they have good financial knowledge 46%
Women who believe they have

good financial knowledge

38%

The findings show that 42% of Brits consider themselves to have a good financial understanding, whilst men (46%) appear to be more confident than women (38%).

Lucy Sherliker, Head of Customer at Zuto commented on the data: ““It is quite surprising to reveal how many Brits have never reached out for financial support. The important takeaway should always be to contact a financial expert for verification.

Unverified advice could potentially create more problems for you in the future and impact your credit profile. For helpful information relating to finance and credit, you can visit https://www.zuto.com/blog/

To find out more about the research and for further information relating to financial advice, please visit: https://www.zuto.com/blog/most-common-places-brits-go-for-financial-advice/

  1. A survey of 1,000 consumers conducted by Censuswide in September 2022
  2. Searches for “financial advice help” taken from Keywordtool.io are accurate as of 12.10.22

About Zuto:

Zuto are car finance experts who have been on a mission to remove the complexity and hassle out of finding and financing a car since 2006. Zuto work with a range of lenders to suit all financial circumstances and have helped over 250,000 customers find a car and finance deal that suits them.

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About Lisa Baker, Editor 2541 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.