People are more likely to turn to family for help with big financial decisions than a professional

People are more likely to turn to family for advice about important financial decisions than a professional, new research reveals.

Just one in ten are comfortable tackling crucial money issues, from investments to pensions and retirement, entirely on their own.

However, 26 per cent say they would feel comfortable investing between £10,000 and £50,000 without speaking to a financial adviser. That rises to 34 per cent among men, versus 19 per cent of women.

Overall, 41 per cent would consult relatives before making significant money decisions, while 31 per cent would pay a financial adviser, and 23 per cent would use financial websites or other online resources.

Some 19 per cent would ask a bank or building society for help, and the same proportion would run their plans by friends and colleagues, according to the survey by wealth manager Mattioli Woods.

The research found that older adults are more likely to seek paid-for financial advice – probably because they have more assets and more complicated affairs to deal with – while younger people are more inclined to rely on family when weighing up major decisions.

Some 30 per cent say they would want professional advice for all major financial decisions, while 21 per cent feel confident enough to take action about their pensions and retirement without any guidance.

When it comes to concerns about their finances, 40 per cent are worried about rising bills and housing expenses, 39 per cent about unexpected health or long-term care costs, and 33 per cent about being unable to work or losing income.

Meanwhile, 44 per cent do not feel financially prepared for major future life events. 

When asked what age they thought people should begin long-term financial planning, the answers averaged out at 28 and a half years.

Amit Joshi, managing director of wealth at Mattioli Woods, says: 'It is understandable that people turn to family and friends when faced with an important financial decision.

'However, decisions around investments, pensions and long-term financial planning can have unanticipated and significant consequences that last decades.'

The firm surveyed nearly 2,100 adults, weighted to be representative of the UK population.