Britons turn to friends for loan advice
Sep 27, 2006
Consumers in the UK are more likely to go to their friends for advice on financial matters than for fashion tips.
Around 12 per cent of Britons were likely to ask their friends for advice on loans, while 24 per cent were likely to ask advice about savings accounts and 21 per cent to ask about mortgages. A larger number of men (28 per cent) were likely to consult their friends on financial issues than women (19 per cent), while 37 per cent of men would ask their friends for relationship advice, compared to 54 per cent of women.
Roughly three times as many men (28 per cent) pay more attention to their friends' financial knowledge than their fashion advice (nine per cent). Although many people were happy asking their friends for advice about loans, they were less comfortable with asking friends to lend them money, with 49 per cent of respondents saying that they would not borrow money from a friend.
Of those who would borrow money, 14 per cent said that they would be comfortable borrowing £10 or less and 16 per cent said that they would borrow up to £50.
While 13 per cent of respondents have taken advice from a friend in the last year on either loans, savings accounts, mortgages, credit cards or current accounts, 58 per cent said that they would not take financial advice from a friend.
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