Tech- adverse advisers and providers should ‘take note' that a third of Britons are more likely to engage with financial services using social media, Canada Life has said.
The insurer's poll of 1,315 UK adults found over one in ten (12%) have used social media to carry out research when choosing a financial provider or products, with two-thirds (61%) admitting they have done so more frequently compared to five years ago.
Over one in ten (12%) currently use social media sites to carry out financial research, with those aged 21-30 most likely to do so (16%).
Facebook proved to be the most popular (81%) social media platform on which to carry out financial research, followed by Twitter (40%) and internet forums (30%).
Of those who do use social media to conduct research into financial products and providers, a relatively small proportion are motivated by price, with two -fifths (40%) doing so to find the latest offers and best deals.
Consumers revealed they mostly use social media to read provider or product reviews and recommendations (51%), and researching product information (49%) and provider options (47%).
A similar proportion are more likely to buy from financial advisers (33%) or providers of financial products (32%) if they can use social media to research them, while 34% believe more financial providers should use social media (32% for financial advisers).
Just over a quarter of respondents said they (29%) were likely to trust financial advisers/providers who actively use social media.
Paul Avis, marketing director at Canada Life Group said: "As government statistics estimate over 36 million adults in the UK currently use social media, the opportunities social networking provides for financial providers and advisers are endless.
"Financial advisers and providers who are not already making the most of social media should take note that consumers are growing more aware of their options, with most researching financial services more now than they did five years ago.
"Using social media sites to communicate with customers is a modern and effective way of conveying the importance of financial products that help to safeguard consumers' finances, and can only represent a positive sign for the industry."
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