Consumers head online for financial advice
Published On 14 November 2007
More and more consumers are seeking advice about financial issues such as mortgages and savings online, a new study has indicated.Figures gathered by Birmingham Midshires indicate that 94 per cent of consumers now look for advice on the internet and that many get help planning their finances in this way.
In fact, 43 per cent of people have sought advice about savings online and 23 per cent have used the world wide web to gather information and tips about a suitable mortgage.
While 46 per cent of consumers are confident in the financial advice they pick up online, 50 per cent said they use the net to gather information and then seek out other sources off-line.
"It is great that people now have more information at their fingertips, but it is important to remember that not everyone is the same and advice on everything from relationships to mortgages needs to be tailored to meet people's exact circumstances," commented Tim Hague, managing director of mortgages at Birmingham Midshires.
"The internet has empowered consumers to do their own homework before they commit to a financial product.
"While websites such as price comparison sites are valuable to help consumers through the financial products maze, financial decisions should never be taken lightly."
A recent study by uSwitch found that internet transactions will account for 40 per cent of all retail sales in the UK.
