Brits ‘pay price for bad advice’

Millions of people from across the UK have suffered financial damage as a result of heeding the advice of their friends and family, it has been revealed.

Close to a fifth of all adult consumers have made what proved to be unwise financial decisions on the basis of informal advice, which in many cases led to debt management difficulties, according to research from Birmingham Midshires.

People aged between 45 and 54 were among those most likely to have received bad money-related advice from their friends or family and Birmingham Midshires is convinced that professional help is the best option for people looking for financial advice.

Tim Hague, managing director of Birmingham Midshires mortgages, said: “While it may appear more accessible and less time-consuming to act on the recommendations of friends and family our study demonstrates that it really does pay to visit an expert.”

Meanwhile, Citizens Advice has offered a range of pre-Christmas budgeting tips with the aim of avoiding the anticipated rise in the number of people approaching its staff for debt advice in the new year.