News Article Published:
Monday, 23 April 2007
Category:
Financial Services
Consumers find media advertising more useful than advice given by independent financial advisers (IFAs), according to a new poll.
Research from the British Bankers' Association (BBA) reveals that weekend media is more useful than other outlets when providing financial information to consumers.
The survey also found that people are more likely to ask their friends or family for financial guidance, than look to in-store promotions or television advertising.
Angela Knight CBE, chief executive of the BBA, commented: "People are clearly comfortable asking their friends and family about their finances.
"There is also a demand for good online advice. But we must ensure people have the tools to make sensible and informed financial decisions throughout their lives."
She added that UK banks offer free in-house information, which should be promoted more readily to customers and that more financial education is needed for younger people.
The news comes as the Institute of Practitioners in Advertising suggests that firms and companies are increasing their marketing spend and will continue to do so for the remainder of the year.
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