Just 11% of people in Scotland 'entirely trust' the financial advice of the UK government, finds survey
September 2022 - Financial Services
Just 11% of people in Scotland 'entirely trust' the financial advice of the UK government: A survey of people in Scotland has revealed that just 11% 'entirely trust' the financial advice or guidance of the UK government, with just marginally more entirely trusting the Scottish government (12%).
The survey by the David Hume Institute think tank polled 1,000 people in Scotland, however, the Institute and Faculty of Actuaries (IFoA), which commissioned the work, says it has “wider application and resonance”.
Even companies which exist to provide financial products such as pensions to consumers did not rate highly when it comes to public trust, with just over a fifth (21%) of the respondents polled saying they trust them as a source of information.
When asked which sources of information they would trust when it comes to finances and advice around their financial affairs, a little over half (52%) said their friends and family were a source of reliable information, however, 36% admitted that they were not sure who they could trust for advice over financial matters.
As well as data collected from surveys in May 2022, a number of one-to-one online interviews were conducted for the research, along with a number of focus group discussions to create the think tank's Great Risk Transfer Report.
The report concluded that individuals are being subjected to increasing burdens when it comes to making financial decisions as financial risks are intensifying.
Susan Murray, director of the David Hume Institute, said:
“The research highlights how governments and employers have shifted the burden of financial risk increasingly to the individual who is expected to understand and manage the many choices they face when it comes to pensions, health, housing and employment.
“Yet in reality, circumstances cannot only limit choice but can also mean that many do not know the myriad of decisions they have to make."
Sign up to our newsletter to receive free insights from your sector...
Support Us...
We hope that you have found this article useful. This section is freely available for all to use. Please help support it by liking us or following us on our social media platforms:
