Advice a one-in-five event, study finds
However, Diana Crossan, Retirement Commissioner, said the advisory industry shouldn't be too concerned at the results as the definition of financial advice understood by the survey respondents was probably broad, including simple information about mortgages or bank accounts.
"The survey was representative of the whole population too, and many people just can't afford independent financial advice," Crossan said.
She said the entire financial sector has also been tainted by the collapse of finance companies as well as the unraveling global crisis, which has affected the reputation of many major institutions.
Just over half of the survey respondents said their bank was as a source of "financial information or advice" over the last year, well above 'friends and relatives' at 35% and media (including TV, print publications and websites), which were used by between 20-23% of the population.
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