Dad gives dud financial advice
(09 February 2006)

Brits are treading on increasingly dodgy financial ground – by relying on mum and dad for advice about financial matters.

Research carried out for Co-operative Bank shows that a third of us are happy to approach our fathers for money advice, with a further 22 per cent preferring mum's maternal instincts.

A "wealth warning" would be advisable with familial money guidance, the Co-op says – because one in three people have lost out in stocks and shares when receiving investment advice from a family member and another third have fallen short in the property market after a dud tip from mum or dad.

The firm's David Newman said: "We all like to keep it in the family but it is clear that dad is not necessarily good with money.

"I suppose it is a bit like Bart asking Homer Simpson. It might seem like a good idea but it will more than likely end up costing money."

If you're short on cash it might be better, therefore, to seek a more reliable form of short-term remuneration than your parents, for all their good intentions, may be able to advise.

A payday loan can solve that problem – with the cash advance of between £80 and £1,000 reliably despatched into your account within 24 hours. This trustworthy service has no hidden costs or caveats and you won't be paying back any more than the explicitly-stated amount.



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