A Birmingham Midshires commissioned survey conducted by YouGov found that 37 per cent of people have accepted bad investment advice from unqualified people they knew.

Other areas where bad advice was heeded were mortgages, insurance, savings and pensions, with 81 per cent of respondents admitting they suffered financially as a result.

A fifth said taking financial advice from friends and family was a waste of time while four per cent lost a car, home or other asset as a result of bad financial counsel.

Tim Hague, managing director of Birmingham Midshires mortgages, suggest people should opt for a qualified expert when they need financial advice.

“While it may appear more accessible and less time-consuming to act on the recommendations of friends and family when it comes to financial advice … our study demonstrates that it really does pay to visit an expert,” he said.

Mr Hague added that a visit to a qualified adviser could “save a lot of time in the long-run”.

Some 50 building societies amalgamated to form Birmingham Midshires, according to its website.

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