One in four adults have been persuaded to dabble in stocks and shares following a chat with a friend down at the pub, according to a new survey.
A poll of 2,000 adults revealed that 61 per cent have received financial tips from their pals over a pint, despite three quarters arguing it’s the worst place to get money advice.
The research found some adults have applied for a credit card or placed a bet based on their friends’ suggestions.
However, a more cautious 41 per cent have declined to take their mates’ financial wisdom on board. A quarter claimed they prefer to do their own research and 16 per cent opt to consult a professional instead.
“Everyone seems to have a friend who is always ready to share their ‘brilliant’ money-saving tip or investment ideas,” commented Helen McGinty, head of finance advice distribution at Skipton Building Society, which commissioned the study.
“Some conversations are really worth having, but whilst it can be great to chat about finances informally with your friends, making decisions about your money is a big deal, so it’s always wise to do your own research and to seek advice from a qualified professional”.
Almost one in five get riled up after receiving unsolicited advice on their spending habits, while three quarters find unasked-for financial counsel ‘annoying’.
Advice on cryptocurrency was deemed the most irritating – although a fifth have previously invested in crypto following a friend’s recommendation.
Overall, 96 per cent agree it’s crucial to double-check financial advice before putting it into action to ensure they’re aware of any potential risks involved.
Despite this, over a third (34 per cent) of those surveyed don’t reckon they need professional financial advice – with some citing the cost as a deterrent. And one in 10 confessed they wouldn’t have a clue where to begin when it comes to seeking financial advice.
Helen McGinty, added: “We’re proud to be one of the few building societies to offer free financial advice to help our members make confident, informed decisions about their financial future.”
“There are a lot of misconceptions out there about what qualified financial advice is and what it actually involves, and we know this can stop people from seeking the help they need.”