Irish savers rely on friends for advice

FAMILY and friends are the first choice for financial advice for most people — with information and advertising from financial institutions trailing behind.

When asked what they would do with a windfall of 5,000, a third of respondents in the latest Irish Bankers Federation (IBF) survey said they would put the money into a savings account, while a quarter would use the money to go on holidays.

Others would use the money to pay off debts — 25% — and carry out home improvements — 21%.