Brits Name Best and Worst Financial Advice in New Survey
A comprehensive new study has revealed the financial guidance that Britons value most, with establishing an emergency fund topping the list of best advice. The research, commissioned by Skipton Building Society, surveyed 2,000 adults to understand their experiences with money wisdom.
Top Financial Wisdom According to Brits
The survey found that 29% of respondents considered prioritising an emergency fund as the most valuable financial guidance they had ever received. This was followed by learning to live within your means, which was endorsed by 19% of participants. Other highly regarded pieces of advice included beginning to invest early (14%) and maximising tax-free savings through vehicles like ISAs (12%).
These practical recommendations starkly contrast with some of the worst financial advice people reported receiving. Many respondents criticised suggestions to 'just enjoy the money now' or 'just put it on the credit card' without consideration for repayment ability.
The Challenge of Trustworthy Guidance
The research highlights a significant issue with financial information overload and trust. A substantial 39% of people reported receiving unsolicited financial advice, often from unexpected sources including strangers in pubs (15%) and taxi drivers (8%).
More than half (51%) of respondents admitted they find it difficult to determine which financial guidance they can genuinely trust. This confusion is compounded by the fact that 38% find the amount of financial information they encounter in daily life overwhelming.
Alex Sitaras, head of savings at Skipton Building Society, commented on the findings: "With a new tax year approaching and ISA changes coming in 2027, it's understandable that people want clarity on what it all means for their own savings."
Celebrity Partnership and Public Engagement
Skipton Building Society partnered with actress and podcast host Natalie Cassidy, best known for her role as Sonia Fowler in EastEnders, to promote reliable financial guidance. Cassidy and a financial expert spent a day in a London black cab discussing ISAs, smart saving habits, and the importance of professional advice with passengers.
"I loved speaking to people about their finances in a way that felt natural and honest," said Cassidy. "At the end of the day, good advice should be clear, simple and actually useful – no fluff, just something you can act on."
Savings Challenges and Future Outlook
The survey revealed ongoing challenges for British savers. While 61% feel confident in their ability to save for the future, with 29% more optimistic than they were at this point last year, significant barriers remain. A concerning 72% of those feeling less positive cited the rising cost of living as the main obstacle to saving.
Another major barrier is a lack of disposable income to put aside. Many cash ISA holders reported they won't fully use the current £20,000 limit before 2027, when the cash ISA limit will be reduced to £12,000 for those under 65, due to insufficient spare income.
Promotional Initiative and Practical Support
To mark the start of the new tax year, Skipton Building Society is launching a 'Free Fare Day' on 7th April across major UK cities. Passengers can take a free ride in branded taxis, leaving them with extra cash they can potentially put toward savings. The building society will also distribute easy-to-follow ISA tip sheets to passengers.
"It's encouraging to see so many people feeling confident about the upcoming ISA changes," added Sitaras, "but our research also shows that plenty of savers still want help understanding how to make the most of their allowance."
Comprehensive Lists of Financial Advice
The survey produced detailed lists of both recommended and discouraged financial practices according to British respondents:
Top 10 Best Financial Advice According to Brits:
- Make sure you have an emergency fund
- Live below your means
- Try not to get into too much debt
- Track your spending
- Avoid high interest debt
- Start investing early
- Get on the property ladder as soon as you can
- Take advantage of tax free savings (ISAs etc.)
- Pay yourself first – save before spending
- Invest your money in bricks and mortar
Top 10 Worst Financial Advice According to Brits:
- Just put it on the credit card
- Just enjoy the money now
- Crypto will make you rich
- Money isn't important
- Property always goes up
- Pensions are a scam
- Small expenses don't matter just ignore them
- Don't worry you'll inherit some money later in life
- Put your money into high risk investments
- Invest in what is trending right now
The research underscores the ongoing need for clear, reliable financial guidance as Britons navigate complex economic challenges and changing savings regulations.
