In a study carried out by Birmingham Midshires as part of its Not So Average Joe campaign, the old adage "it's not what you know, it's who you know" is reported to still hold relevance for many people in terms of getting help with fiscal matters. About two-thirds of Britons (63 per cent) claim that they will trust a person offering guidance on money matters, whether this relates to personal loans or mortgages, if they have first been recommended by a friend or family member. Meanwhile, some 44 per cent of those surveyed state that they are likely to listen to a financial adviser if they or the company that they represent has been regulated by the government or a statutory body.

Research from the financial services firm also showed that 37 per cent of consumers will take into account a recommendation by a fellow professional when choosing who to trust, while just over a quarter (26 per cent) base their decision on the qualifications that an adviser has. Meanwhile, the amount of experience held is a consideration for 38 per cent of those when looking for a professional to give them advice on homeowner loans, mortgages and other financial areas. Features deemed to be of less importance include a firm handshake, a smart suit and a university degree.

Commenting on the study, Tim Hague, managing director of mortgages for Birmingham Midshires, claimed that it is crucial that consumers seek out adequate financial guidance which is suitable for their needs. He said: "There are hundreds of mortgage products on the market and not all of them are right for every individual - which is why using an adviser is vital. While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different."

In taking the time to search for sufficient help on money matters, many consumers may find themselves in a more capable position to meet various demands on their spending and be able to select a cheap loan with greater ease. Earlier this month, it was revealed that thousands of Britons are taking the first steps in getting on their financial feet as Axa launched My Budget Day. The initiative involved employers giving 250,000 workers an hour out of their working day to plan their finances.

And such a move could well see many people make repayments on personal loans, utility bills and other areas of financial expense. Steve Folkard, spokesperson for the firm, claimed that spending an hour every month to manage their money "can make a huge difference" to people's financial situations and save them about 1,300 pounds over the course of a year. Research from Axa also revealed that about half of employers (49 per cent) would think about allowing their workforce the chance to sort out their spending, which in turn could see even more people learn to manage their money more effectively.