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Dads may not give Young Drivers best advice

Wed, 08 Feb 2006

Dads may not be giving Young Drivers the best advice when it comes to financial matters.

Research from goodwithmoney.com concludes that one in three people ask their father for advice about financial matters such as Car Insurance. However, it seems that many dads could be offering misguided information.

The study discovered that one in three people admitted to losing money in stocks and shares after they followed "good investment advice" from a relative, whilst a further 33 per cent lost out on the property market after seeking help from a family member.

David Newman, director of marketing management at The Co-operative Bank and Co-operative Insurance (CIS) 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," he added.

One young driver admitted that his father advised him to find the best Car Insurance cover by contacting the five companies in the yellow pages with the largest adverts.


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