World cup fever could lead to financial fouls, says Skipton, with nearly one in seven (15%) having received financial advice from a stranger in a pub or bar.
Football fans are being urged to think twice before acting on financial tips shared over social occasions like the World Cup this summer, as research shares how widespread informal money tips have become.
The warning comes as a study of 2,000 adults by Skipton Building Society found that nearly one in seven (15%) have been given financial advice by a stranger at a pub or bar. With fans mixing with unfamiliar crowds during matches, Skipton is urging people to be cautious of acting on informal guidance.
The research also highlights that poor financial advice shared during the games may not be limited to strangers. One in four adults have been persuaded to invest in stocks and shares by a friend during the pub visit, while a fifth admitted they had previously invested in crypto following a friend’s suggestion. Highlighting the risk further, nearly a quarter (24%) of respondents admitted the worst financial advice they’ve received was given to them by a friend.
Acting on informal recommendations often lead to negative outcomes, with 24% stating that advice they have been given in an unusual setting – from a pub to the bus – led to a financial decision they regretted. This includes applying for a credit card (17%) and placing a bet (14%).
Unsurprisingly, 75% of respondents claimed the pub was the worst place to receive any financial advice.
Helen McGinty, Head of Finance Advice Distribution at Skipton Building Society, which commissioned the research, said:
“The high energy atmosphere of the World Cup brings people together in ways few events can, which can amplify casual advice around money that can sound convincing in the moment. Whilst it can be great to chat about finances informally, making decisions about your money is a big deal, so it’s always wise to do your own research and to seek advice from a qualified professional.
“That’s why we’re proud to be one of the few building societies to offer free, qualified financial advice to help our members make confident, informed decisions about their financial future.”
If you need further guidance, head to https://www.skipton.co.uk/financial-advice/investment-planning.
