A new survey conducted by EBS Building Society and Millward Brown IMS has found that 69 per cent of 18-35 year olds describe themselves as regular savers but more rely on investment advice from family members rather than professional investment advisors.
The most important factor influencing where respondents choose to save is 'access to your money,' followed by 'convenient location' with 'interest rate' coming in only as the third priority.
When it comes to investments 58 per cent said they relied on advice from family to understand the market and processes, 42 per cent went to investment providers and 36 per cent received advice from friends. 18 per cent of respondents claim to have made a money based investment in the last 12 months.
Over 90 per cent state that the 'size of the return' and the 'security of the investment' are the two most important factors when making investment decisions.
'Access to funds' and 'advice from financial institutions' are not rated as highly in importance.
Only 33 per cent of survey respondents claim that they are well informed on the issue of savings and 23 per cent believe that they are well informed across the area of investments.
This figure is slightly higher among males and regular savers, and also rises slightly among those who describe themselves as risk takers and regular gamblers
"This survey highlights the need for more transparency and information in the area of investments," said Ms Sarah Loftus, Head of Savings and Investments with EBS.
"There are more people sourcing advice from their family than from the investment provider and this suggests that consumers do not feel that they are getting the information they need from the financial institutions."
"The risk is that family and friends are imparting advice that is based on personal experience rather than sound financial expertise or information."
The survey also revealed that 16 per cent of respondents follow the stock market and check stocks and share prices at least once a month, rising slightly among males, 26-35 year olds and ABC1's.
27 per cent state that they find it easy to understand stock market data, but 61 per cent find it difficult.