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Brits turn to internet for financial advice

With six-out-of-ten UK households now online, Brits are increasingly turning to the internet for advice on their finances, research from Birmingham Midshires suggested.Instead of going to consultants and independent financial advisors, as many as 94 per cent of people are looking for advice online, from seeking information on medical ailments to looking for financial and legal advice.Some 43 per cent of people looked for guidance on their savings online, while 23 per cent had sought out mortgage advice, 22 per cent investment information, and 13 per cent searched for opinions on pensions. Tim Hague, managing director of mortgages at Birmingham Midshires said: "It is great that people now have more information at their fingertips, but it is important to remember that not everyone is the same and advice on everything from relationships to mortgages needs to be tailored to meet people's exact circumstances."The internet has empowered consumers to do their own homework before they commit to a financial product. While websites such as price comparison sites are valuable to help consumers through the financial products maze, financial decisions should never be taken lightly. "Where mortgages are concerned, we recommend that people seek the advice of a regulated intermediary to ensure they get the deal that is right for them."

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