If you spend as much time trawling the internet for financial news and views as we do then it’s quite likely that you’ve noticed an increasing trend in money saving tips and advice articles. Scrimping, saving and frugality blogs are growing both in number and prestige, and it’s hardly surprising considering the shaky economic situation that the majority of the public finds itself in.
This in and of itself is not a dangerous phenomenon and I’m sure that many of these bloggers and experts have done considerable good in helping people lead more economical lives. However, I can’t shake the nagging doubt that the ubiquity of these articles is leading people to believe that bona fide financial advice is being delivered by these Good Samaritan bloggers. The only place that you can obtain such information is from a registered IFA.
Before accusations of snobbery or thinly-veiled salesmanship are hurled my way, let me clear a few things up. Firstly, I am not referring to all financial writers. If you’re getting your information from the likes of Liz Phillips and Martin Lewis (or pretty much anyone at the FT) then it’s a pretty safe bet that the information is balanced and sensible.
Secondly, if you think it’s an insult to your intelligence that you’re being accused of believing everything you read on the internet, I apologise, but these concerns are not aimed at you in the first place. As the startling rise of payday loans companies like Wonga has illustrated; people are desperate and will make silly decisions when their backs are against the wall.
Whether they’re ill-intentioned snake-oil salesmen or just well-meaning laymen, you should be careful about where you source your information from and, if means will allow, always consider a registered IFA to help you manage your money and investments.