Friends and family provide investment advice
Young Pension savers are increasingly turning to family and friends for guidance ahead of financial advisers, Baring Asset Management has claimed.
A poll by the investment management firm found 37 per cent of 18 to 24 year olds ask friends or family for advice, compared with 25 per cent that turn to a financial adviser or accountant.
In the next age segment, those aged 25 to 34, 27 per cent of respondents say they ask friends and family.
Marino Valensise, chief investment officer at Barings, said: “Millions of people may be exposed to poor asset allocation and inappropriate levels of risk due to a refusal to review their pension investments regularly and with the correct levels of advice.
“While it’s good that the majority of people see it as their personal responsibility to monitor and understand their pensions, they need to follow this up and make sure they are speaking with their financial advisers.
“This is more important than ever given the current volatile economic environment.”