Fathers' Financial Advice Trusted

Fathers' financial advice is well received by their children, according to research commissioned by B&CE Benefit Schemes. Eight-eight per cent of those who asked their fathers for advice said they were glad they took it, compared with just 2 per cent who wished they had gone to a person qualified to give advice.

The research also looked into where people go for financial advice. One in five (20%) used a bank or building society adviser the last time they needed financial advice while almost as many (18%) sought the services of an independent financial adviser. Those over 65 are the least likely to take advice, but if they do they go to a bank or building society.

Most people who sought financial advice were glad they had done so. The highest proportion of those who were dissatisfied with the advice they received (24%) had consulted work colleagues.

Q1 Which of the following best describes who you sought advice from when looking at a pension, mortgage or investment?

Q Thinking about the advice you received from dad (total of 113 people), which of the following best describes whether you regret following their advice or not?

Technical details

MORI conducted face-to-face research in people's homes among 1972 people across GB between 4th and 9th April 2002.