Who do YOU trust?

EdInvestor

Interesting article in the Sunday Times today.

TWO surveys last week went a long way to explaining why so many people’s finances are in a poor state.....The Which consumer group found twice as many people would trust the government with their pension money as would be happy to leave it in the hands of the financial-services industry. And twice as many again would rather entrust their pension to an “independent body”.

Then a poll by the research groups Moneyexpert.com and Defaqto showed that just over half the population believe that banks and building societies are the best sources of financial advice, closely followed by family members . Only one in five would trust a financial adviser, fractionally less than the number who would prefer to draw their wisdom from the internet......

So it looks like MSE-type sites and financial advisors are almost dead heating in the trust stakes, down at the bottom :rotfl:


He ends by saying:

.... there is no substitute for picking up a basic grounding from books and the internet, so that you can at least ask a professional adviser intelligent questions ... and stand a fair chance of understanding the answers....

Can't disagree with that. :beer:

simonhgreen

It's particularly interesting when you think that all the surveys of people about the state pension say that the vast majority don't believe there will be such a thing (at least not that's worth anything) when they retire.

So in summary.......people trust the government not to give them a pension when they retire!!

jem16

It certainly shows you never to trust the results of a survey.

This was also in the article.

Sean Gardner, Moneyexpert’s chief executive, deserves high marks for diplomacy, saying: “Banks or building societies might be a good place to start, but they should not be the end of your search.”

Nevertheless, it is strange to see the government rated more highly than the financial industry, which consistently outperforms the state-run National Savings & Investments. And it sounds ridiculously naive to scorn the financial-services industry but to wish that pensions were handled by an independent body.

Do the public seriously think that such a body would be staffed by a team that had never had anything to do with financial services?

kenshaz

Would you trust your money ,pension with the government,whenmembers of the cabinet,the decision and policy makers are signing mortgages ,then paying them off a week later