HSBC rolls out simplified advice for smaller savers

When advice is sought, people are still securing information from traditional sources, with advisers (36 per cent), banks (24 per cent) and building societies (15 per cent) recognised as three key destinations.

However, people are increasingly turning to family and friends for advice, with one in five discussing options with parents and one in ten getting guidance from their friends. In addition, people are taking direction from online sources such as financial websites (34 per cent), three times more popular than personal finance pages in newspapers (11 per cent).

Article continues after advert

The data also showed trends between young and older financial investors. Three quarters of all 18-34 year olds plan to seek advice before making an investment, compared to just two fifths of those over 45 years old. One in four 18-24 year olds seek advice from friends, compared to just 5 per cent of those over 55.