How often do you share recommendations with friends and family? And, perhaps more importantly, do you listen when they do the same? According to research from American Express, you probably should, because acting on the financial recommendations of loved ones could pay dividends.
The research shows that those who act on personal recommendations save an average of £177 per year, be it through taking advantage of special offers, or simply by hearing about a great purchase or experience. By passing on these recommendations, respondents have helped their friends and family make annual savings on holidays (£60), shopping (£46), eating out (£35) and entertainment (£35).
Many are happy to make these recommendations, too, with 60% regularly sending tips and special offers to someone they know. It isn't all about saving money, either, but also about saving time and stress: 61% estimate that acting on the recommendations they receive saves them an average of half an hour a week, while 47% admit to being less stressed when making a decision based on a recommendation and 37% feel less anxious.
Simon Moore, the chartered psychologist who helped with the research, commented: "Consumers face information overload on a daily basis, so finding a way to navigate efficiently through the choices we need to make is increasingly important. Using recommendations from family and friends is a very effective way of doing this. By listening to people we trust we can cut anxiety by using their experiences to make a less risky decision."
Listening to the recommendations of people we trust can provide valuable peace of mind that we're making the right decision, and of course, if all goes to plan, the financial benefit can be equally as valuable. Consumers are becoming increasingly inclined to share the savings they've made with friends and family, particularly with the likes of online voucher codes, which can be easily passed on to spread the money-saving potential.
Given that you could save so much simply by acting on recommendations, make sure you're truly listening next time you're told about a great deal! Feel free to pass the savings on, too – check out our dedicated voucher section to see if you, and your family, could benefit.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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