Many borrowers in the UK are making financial decisions, without conducting relevant research or seeking financial advice, it has been claimed.

According to research by, the Swiss based insurance provider, Zurich; which may be of interest to people considering taking out a secured loan, has revealed that 57 per cent of people in the UK over the age of 18 have never gone to a financial advisor.

Yet the current economic climate may mean that people are failing to seek advice, when they most need it, according to Tony Solomon, director of life marketing at the firm.

Tony Solomon, director of life marketing, said: "The decision to seek financial guidance is a step in the right direction towards setting up a long-term plan to survive the credit crunch and prepare financially for their old-age."

Financial advisors work to provide specialist knowledge for borrowers, in regards to various financial products and/or services and towards those, that would best suit their personal circumstances. The products and/or services can include loans - such as a secured loan, investments, pensions, insurances and mortgages.