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Some things are best left to the experts - car repairs, fixing the electrics, getting your hair cut - but what about our finances?

·   ‘Advice shy’ Britons are more likely to seek expert help on household repairs and hair cuts than on their financial future

·    Women claim to be more confident in arranging a mortgage without expert advice than they are in attempting a DIY haircut

·    Unbiased.co.uk warns of ‘false confidence’ and urges the nation to seek independent financial advice on their personal finances

New research* from unbiased.co.uk, the professional advice website, reveals that as a nation, we are more than happy seeking advice from professionals such as plumbers, electricians and hairdressers.  However, when it comes to our finances – this fundamental part of our lives is often neglected as we overlook seeking professional guidance.

When asked which of the following areas consumers would be likely to seek expert help on, 60% of the nation stated household repairs such as ‘fixing or repairing their car’, followed by ‘fixing electrical items’ (48%) and ‘sorting plumbing issues’ (45%). But when it came to finance matters, only ‘arranging my mortgage’ made the top five areas the nation would seek advice on. 

Even more shockingly, ‘cutting or dying hair’ (38%) came in as a higher priority for seeking professional advice than the top ranking personal finance related matter – arranging a mortgage (32%). Furthermore, only 36% of women would consider asking for expert advice on their mortgage needs, whilst over half (52%) are more likely to seek help with getting their hair cut or dyed.

More positively, it seems the younger we are, the better intentions we have to look for expert advice on our finances. Whilst only a meagre 14% of people in their 50s and 60s would turn to an expert for help with their retirement plans, this number rises to an encouraging 29% of people in their 20s and 30s. Over half of 20-somethings (55%) are looking for advice on arranging a mortgage, while this number drops to just under a third (32%) of people in their 40s.

Karen Barrett, Chief Executive at unbiased.co.uk, comments:  “It seems as a nation we are more than happy to ask for expert help when it comes to our home and our appearance! But at the same time we shy away from seeking advice on crucial areas of our lives where expert advice could make a real difference. Seeking independent financial advice on your finances – whether it may be mortgages, retirement or savings and investments – is an invaluable step in making sure you are getting the right advice and the best solutions, both for you and your family’s  financial requirements.  

“It is understandable that people may naturally shy away from the often daunting task of sorting out their finances, but by using an independent financial adviser, you can entrust an expert to research the whole of the market and make specific recommendations for your individual circumstances.  You also have the added reassurance that a qualified expert is dealing with your financial affairs. Finding an independent financial adviser has never been easier – visit unbiased.co.uk to carry out a free and confidential search to find an IFA.”

ENDS

* Opinium Research carried out an online poll of 2,065 British adults from 16th – 19th February 2010. Results have been weighted to nationally representative criteria.

Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131

Anna Schirmer/Anna Moulds/Charli Scouller, Lansons Communications: 020 7294 3682

For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.

About unbiased.co.uk, the professional advice website

The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is currently inviting registrations for its ‘find an accountant’ service.  These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2009, unbiased.co.uk fulfilled half a million searches for local, professional advice. 

IFA Promotion, the organisation behind unbiased.co.uk, is now in its 21st year, and was set up to promote the benefits of independent financial advice to consumers.  IFAP is sponsored by the following companies:

Registered Office: unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606