Online and TV experts used by more than a third to plan financial futures - report

New research from Quilter has found that UK adults are most likely to turn to online and TV experts when it comes to planning their financial future.

More than a third (35 per cent) said they use this source when managing their finances, followed by comparison sites (30 per cent) and family members (29 per cent).

The research suggests that younger generations are much more likely to turn to family members for guidance in their financial decisions.

For Generation Z (18 to24 year-olds), family was by far the most popular option, with four in ten (39 per cent) saying they turn to this source compared to just 26 per cent putting their trust in TV experts.

Even 25 to 34-year-olds were more likely to use family members over any other source with 44 per cent choosing this option.

In perhaps a sign of increased financial knowledge, 55 and overs were most likely to go it alone with their money, with a third (33 per cent) saying they use nothing in particular in their planning.

Base: All UK adults with financial concern for others

When asked which one source they used the most when planning their financial future, just over a quarter of all adults with financial concern for others (27 per cent) said they did it alone, while Online/TV experts (16 per cent) and family (14 per cent) followed.

The survey also looked at what people would value in a financial adviser. 41 per cent of adults said that ensuring their loved ones receive the most they could possibly give when they died was the most popular choice, including across all age cohorts.

Rachael Griffin (pictured), tax and financial planning expert, said: “As technology has become so embedded in modern day life, it is natural for people to turn to sources either online or on TV.

“In a world that can often be confusing and overwhelming, some have done a fantastic job at making financial management seem more accessible and doable for everyone.

“However, while these experts are great at recommending energy deals or insurance, they cannot provide the answer to everything and will often only give generic one size fits all guidance.

“Everyone 's financial future is unique to them and as such engaging with a financial professional, whether that be a financial adviser or an investment manager, will enable you to create a tailored and individual financial plan that is specific to your circumstances.

“It is also interesting that the research highlighted the role families play in providing financial knowledge and security. Younger generations ' habits are often formed by what their parents did and as such it is natural they want to seek their advice on financial matters.

“Planning finances across multiple generations is a great way to build on that knowledge and ensure the family unit can work together for each other as well as themselves. ”