Sources of financial help
Where to turn for money help, and how the sources differ.
When a money question or worry comes up, there is almost always somewhere to turn. The trick is matching the problem to the right source, because they differ: some are free and impartial, some are paid, some are experts in one thing only. Knowing who does what saves money and gets you better help.
You do not have to work it out alone
Money problems can feel lonely, but plenty of help exists. The sources worth knowing include Citizens Advice, family and friends, financial providers, the government, Independent Financial Advisors (IFAs), online communities, solicitors, voluntary groups and charities, and workplace or education advisers.
Each has advantages and disadvantages, and each helps with different things. The skill is picking the right one for the situation.
What makes them different
Sources differ in a few important ways: whether they are free or paid, whether they are impartial or tied to selling you something, whether they are regulated, and what they are actually expert in.
Some help is free and impartial, like Citizens Advice and the government's MoneyHelper service. A financial provider, on the other hand, has real expertise in its own products, but its information or advice may not be independent, because it also wants your business. That does not make it useless; it just means knowing where the advice is coming from.
Who would you ask?
The right source depends on the problem. Money worries and debt suit a free, impartial service; a legal question suits a solicitor; a pension or investment question suits a regulated adviser. Matching the two is half the skill.
Who would you ask?
| Situation | Who to ask |
|---|---|
| Budgeting or debt worries | Citizens Advice, or a debt charity |
| A legal or contract question | A solicitor |
| Savings, pensions or investments | A financial provider or an Independent Financial Advisor (IFA) |
| Benefits, tax or general support | The government, for example MoneyHelper |
| Everyday, general support | Family, friends or online communities |
| A workplace pension or student finance | A workplace or education adviser |
Sources of help: a quick guide
| Source | Good to know | Watch out for |
|---|---|---|
| Citizens Advice | Free and impartial; good for debt and budgeting | Not a substitute for regulated financial advice |
| Family and friends | Free, familiar and quick to reach | May lack expertise; money can strain relationships |
| Financial providers | Expert in their own products | Their advice may not be independent |
| Government (MoneyHelper) | Free, official guidance on money, benefits and pensions | General guidance, not tailored advice |
| Independent Financial Advisor | Regulated, tailored advice on savings and pensions | Usually paid for |
| Online communities | Quick views and shared experience | Unregulated; accuracy varies |
| Solicitors | Expert on legal and contract questions | A paid, formal service |
| Voluntary groups and charities | Free support, often for a specific need | May have limited scope or capacity |
| Workplace or education advisers | Handy for workplace pensions or student finance | Limited to their own setting |
- 'All money advice is basically the same.' It is not. Free, impartial help like Citizens Advice differs from a provider selling its own products, and from a paid, regulated adviser. Where the advice comes from matters.
- 'A financial provider gives me neutral advice.' It has real expertise in its own products, but its advice may not be independent, because it also wants to sell to you.
- 'Strangers online are a reliable source.' Online communities can be handy for general views, but they are unregulated and the accuracy varies, so treat big decisions with care.
Key terms
- Citizens Advice
- A free, impartial advice service.
- IFA
- An Independent Financial Advisor: a regulated adviser, usually paid.
- Impartial
- Not favouring one product or provider.
Not examined
Check your understanding
- Who would you point someone with debt worries towards, and why?
- Why treat advice from a financial provider with some caution?
- Who is the right person to ask about a legal or contract question?
Show suggested answers
- Citizens Advice or a debt charity, because they give free, impartial help.
- It has real expertise in its own products, but its advice may not be independent, because it also wants your business.
- A solicitor.