A recent study uncovered that establishing an emergency fund ranks as the most valuable financial advice given to Brits. The survey of 2,000 adults revealed that 29% view prioritizing an emergency fund as crucial, along with other beneficial suggestions like living within your means (19%), starting to invest early (14%), and maximizing tax-free savings (12%).
Conversely, some of the worst advice received includes being told to ‘spend money now’ or ‘put it on a credit card’ without considering the ability to repay the debt.
The research sheds light on a common issue with financial guidance, as 39% of individuals receive unsolicited advice from unexpected sources, such as strangers in pubs (15%) or even taxi drivers (8%).
More than half (51%) of respondents struggle to discern trustworthy financial guidance, underscoring the necessity for reliable professional assistance.
Commissioned by Skipton Building Society, the study was part of their latest ISA campaign in collaboration with Natalie Cassidy, known for her role in EastEnders, and a financial expert. The initiative aimed to promote seeking trusted financial advice when making money-related decisions.
Natalie and the expert engaged in conversations with taxi riders, discussing ISAs, smart saving habits, and the significant impact of reliable financial advice. The campaign aimed to provide genuine and helpful money tips in a fun and memorable manner while emphasizing the importance of trustworthy financial guidance.
The study also revealed that 38% of individuals find the abundance of financial advice overwhelming, with more than half (53%) expressing a need for clearer and more personalized guidance.
Head of savings at Skipton Building Society, Alex Sitaras, highlighted the importance of providing straightforward and dependable support to help individuals navigate financial decisions effectively.
With the new tax year approaching and changes to ISAs scheduled for 2027, people seek clarity on how these modifications will affect their savings. The study shows that while many feel confident about saving for the future, rising living costs pose a significant challenge for 72% of individuals.
To support individuals during the new tax year, Skipton Building Society is launching a ‘Free Fare Day’ on 7th April in major UK cities, offering passengers free rides in branded taxis. This initiative aims to provide extra savings for passengers and raise awareness about maximizing their ISA allowances.
Sitaras emphasized the importance of understanding the upcoming ISA changes and encouraged individuals to seek clear and impartial guidance to make informed financial decisions tailored to their needs.