Social media is playing a larger role than ever when it comes to how people choose their financial services.
More than four in ten (43%) of people buy financial services as a result of a recommendation via social networking friends, research conducted by Hotwire found.
The findings prove the increasing power that friends on networking sites such as Facebook or Twitter have on the banking products and services we choose.
People are far more inclined to choose a financial product or service based on a recommendation than they would be clothing (26%), air flights or car hire (26%), figures show.
In addition, more than one in five people said they pass on advice about financial services they receive via their social media tools, overlooking experts in favour of giving advice on mortgages, investments and bank accounts.
Men are more confident about using a lead they get on a social networking site to choose a financial product than women are.
More than half (52%) of males said they had purchased a financial product as a result of advice they had received online, whereas just 20% of women said they had done so.
"Social networks help people to share honest feedback and information that, in the current environment, consumers feel is lacking from banks themselves," said Richard Janes, director of Hotwire's banking and finance practice.
Consumers keen to harness the capabilities of social networking to help them find the right financial product for them should keep abreast of updates at http://twitter.com/MoneyfactsNews.
The feed is updated regularly with savings accounts, mortgages, loans and credit cards rated as four and five star quality by Moneyfacts.co.uk's impartial and unbiased research team.
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