TV and web influence finance decisions, says poll

Websites and ‘money guru entertainment programmes’ are becoming more influential sources of financial advice, while most of the public mistrusts financial firms, according to a survey.

Weber Shandwick commissioned KRC Research to ask 2,015 adults about the sources they used for making financial decisions. Although 47 per cent turned to finance pages, 21 per cent followed the advice of entertainment-style broadcast programmes. This rose to 31 per cent among 25 to 34-year-olds.

A quarter of respondents used news websites, 15 per cent podcasts, eight per cent blogs and 14 per cent lifestyle pages.

But family and friends (62 per cent) and financial advisers (61 per cent) were the most widely used source. Fifty-three per cent never used newspapers for tips.

On the issue of trust, 78 per cent said information provided by banks was 'clear, simple and understandable', but only 33 per cent said they would trust financial firms to sell them loans or investments that are 'good choices'.

The Financial Services Authority's Treating Customers Fairly initiative wants finance firms to instill a culture of fair treatment.

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