Consumer confidence in making financial decisions without expert advice plummets

The credit crunch and economic downturn has increased the number of consumers seeking professional financial advice according to new research published on February 17, 2009, from Unbiased.co.uk.

34 per cent of people are in need of professional advice on their personal finances as ‘recession paralysis’ strikes 20 per cent increase in consumers seeking financial advice over the last four months

With the UK facing the worst recession since the 1930s, consumer confidence in making financial decisions without expert advice has plummeted.  The research showed that, one in three (34 per cent) consumers say they would now feel less comfortable choosing a financial product without expert advice than 12 months ago.  And a similar share of the population (35 per cent) have been hit already by ‘recession paralysis’, admitting they won’t address any major financial decisions until things improve.

Since the aftermath of the initial financial crisis in October last year, Unbiased.co.uk has seen a 20 per cent surge in searches carried out by consumers wanting details of professional advisers who can help them deal with their financial issues.

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