As part of its Adverse Credit Study in association with YouGov, the specialist lender found that over half (57%) of people say they would use online research to find a broker, while just 37% said they would rely on recommendations from friends and family.

When the research was last carried out in Autumn 2020, 55% of people said they would choose a broker on the basis of recommendations, just ahead of online research. And personal recommendation has been the top reason in every wave of the research until now.

However, the number of respondents who say they would seek the advice of a broker has fallen from 66% in the last wave of research to 44% in the most recent study.

Paul Adams, Sales Director at Pepper Money, says:

“The message from this research to brokers is clear. Get online. Make sure your website accurately reflects your services, your values, and communicates who you are able to help. Make use of social channels to extend your reach and target one review site, encouraging your customers to leave positive reviews. More and more customers are conducting research online before speaking to a broker and the more that brokers can enhance their digital presence, the better the chance that more customers will understand the benefits of professional advice.”