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“As with all information on the internet, some of it is good quality but some of it is inaccurate, out of date or plain wrong,” he told the UK’s Daily Mail newspaper.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.”
I often encourage people to Google information for their own reading. Prefer clients to have some understanding of a subject under their belt and as I often say, ‘There is a world of good background information out there. However when you need an interpretation and advice on what to actually do, see us’.
If you are going to be afraid of Google, then you shouldn’t be in the advice business.