When it comes to seeking financial advice, it appears that many will flock to their mother in the hope of some sage suggestions.

According to a recent study by the Norwich & Peterborough building society, 21 per cent of people would choose their parents over a financial adviser, friend, colleague internet resource, showing that some may be keen to keep money matters in the family. Indeed, while 79 per cent of those questioned said they would visit a doctor if they had a complaint about their health, 20 per cent fewer people said that they would seek professional advice for financial concerns, such as mortgage, credit card or personal loans management. This proportion was also noticeably lower than the 74 per cent of people who said that if they were having difficulty with their car, they would approach a mechanic to get it fixed.

Further findings also showed that while some are averse to discussing financial problems with professional advisers, many were spending more time worrying about money matters than they were a year ago. When asked whether they though about their finances more or less frequently than they did at the same point in 2007 – just as the credit crunch was taking hold – 57 per cent said they thought about such issues more often, compared to fewer than a tenth (eight per cent) who said they thought about money matters less often.

For consumers who have found themselves struggling to keep up with increased financial demands brought on by rising fuel, food and energy costs, taking out a debt consolidation loan may prove an effective way to get their finances back on track. In opting for this type of loan, consumers may find they are able to spread out their payment obligations over a longer period of time, thereby lowering the monthly strain on their finances and reducing the risk of going further into the red.

Meanwhile, Judith Dove, head of sales at the financial advice service at Norwich & Peterborough, highlighted the role that independent financial advisers (IFA) can play in helping people to get to grips with debt.

“Many people still seem to only associate financial advisers with investments, but they can offer help and advice on a much wider range of areas. Everyone should be checking that their life protection needs, pension arrangement, investments and wills are up to date and in the best possible place.”

Further findings showed that of those who would be happy to meet with an adviser, 93 per cent of those questioned would rather see an IFA than someone who was tied to a particular financial institution.

Commenting on this finding, Ms Dove added: “It is good to see that people understand the benefit of seeing an IFA over a tied adviser … When looking at your finances it really is important to get as wide a view as possible on the options available.”

While parents are sometimes seen as a first port of call for those looking to reorganise their finances, Addidi Wealth has recently warned that mums and dads need to make sure they keep an eye on their own finances, in addition to looking after their kids. For those who have been struggling to meet the various costs of raising a family, taking out a debt consolidation loan may prove an effective way of getting back on track.

1 Stop Finance Shop providing you with breaking debt consolidation loans news.