Comparison sites gaining favour over professional financial advice
People in the UK are increasingly turning away from professional advice on financial products in favour of comparison websites, according to a survey by YouGov.
YouGov, which polled 2088 users of comparison sites for the purpose of searching for a financial services product, says its initial findings show people are becoming increasingly comfortable searching and buying through comparison sites.
Overall, trust in price comparison sites is increasing, with over hald of respondents more comfortable using them now than they were a year ago.
Over 70% of respondents say they got their car insurance information from a comparison site and more than half acquired it through one of these outfits. However, it appears much depends on what is being bought, with just five per cent purchasing a mortgage through a comparison site.
Moneysupermarket.com is the website consumers most associate with financial services, mentioned by 86%. It is also the favourite, chosen by 35%, with Confused.com second on 13%.
Todd Davis, director, financial services consulting, YouGov, commented: “The fact that nearly half the comparison site users we surveyed said they were foregoing professional financial advice in favour of using comparison sites is very interesting. Users are telling us that comparison sites empower them and allow them to research products in a way they couldn’t before.”