43% of Britons turn to family for financial advice

43% of people in the UK turn to friends or family when looking for help with financial decisions, rather than seeking professional advice, according to research by insurance group Aviva.

Aviva`s Value of Financial Advice Report, based on a survey of over 2,000 UK adults conducted in December 2010, found that, on average, just over a fifth (21%) said they would seek advice about their money firstly from an independent financial adviser (IFA).

However, the results differed greatly according to age. 70% of 18-24-year-olds said they`d turn to friends and family first when getting financial advice, compared with 24% of over-65s.

The survey also found that the internet was much more popular among the younger generation when looking for information about their finances, with 52% of 18-24-year-olds saying they`d use it - compared with just under a quarter (23%) of over-65s.

A spokesperson for debt management company Gregory Pennington said: "Expert advice can make a huge difference when it comes to dealing with financial matters. Someone who`s struggling with their debts, for instance, could really benefit from talking to a debt adviser and finding out what their options might be."