BM Solutions News

Cast the net more widely

14 November 2007

Brits chose Internet for expert advice

With over 60 per cent of UK households now online , Brits are turning to computers, instead of consultants and trusting ISPs rather than IFAs according to new research. From information on medical ailments to financial and legal advice, 94 per cent of people are choosing to gather vital information on the Internet, rather than seeking traditional face to face appointments.

As part of its Not So Average Joe campaign, Birmingham Midshires, the UK's leading specialist mortgage lender, explored the role of the Internet in making decisions and sourcing advice on key aspects of life.

The findings reveal a huge confidence in the Internet. The vast majority (94%) of Internet enabled Brits seek some kind of advice online.

Confident of best-advice online
When it comes to financial advice, 46% are confident they can find all the advice they need online, while a further 50% will research online in the first instance but then seek a second opinion from an off-line source.

The top place to seek advice on financial products is online, at a price comparison website, closely followed by a visit to an IFA. Many people also take personal advice from those close to them. A third of people will ask a friend for financial advice and more than one in five turn to their dad.

Time spent surfing
Those who seek advice typically spend between 30 minutes and two hours online (50%). However, when it comes to dedicating more than three hours researching a certain topic, relationships keep us surfing for longest - 22 per cent of people will spend more than three hours seeking relationship advice online followed by savings and mortgages (21% and 20% of people respectively will spend more than three hours online).

Tim Hague, managing director of mortgages at Birmingham Midshires said: "It is great that people now have more information at their fingertips, but it is important to remember that not everyone is the same and advice on everything from relationships to mortgages needs to be tailored to meet people's exact circumstances.

The internet has empowered consumers to do their own homework before they commit to a financial product. While websites such as price comparison sites are valuable to help consumers through the financial products maze, financial decisions should never be taken lightly. Where mortgages are concerned, we recommend that people seek the advice of a regulated intermediary to ensure they get the deal that is right for them."

For further information contact:

Clare Mortimer
claremortimer@hbosplc.com
Senior Press Officer