Google is the preferred option for finding information about financial products and options, a survey of British workers has found.
The survey, conducted by UK consultancy Capita Employee Benefits, found a lack of financial product understanding among consumers, with 62 per cent of respondents indicating they find pensions terminology complicated.
In order to deal with this lack of understanding, 40 per cent of survey respondents listed Google as their preferred source for finding information on a financial product.
Capita’s Robin Hames said the findings should concern the nation’s professional financial advisers.
"As with all information on the internet, some of it is good quality but some of it is inaccurate, out of date or plain wrong,” he told the UK’s Daily Mail newspaper.
“It's worrying that Google has, to some extent, become the nation's financial adviser.
“Frankly, we shouldn't have people making important financial decisions based on advice they're arbitrarily finding on the web.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all