Fathers are important to financial planning

People looking for the most competitive loan interest rates have been warned that their lack of knowledge about their Dad could be bad news for their finances.

To mark Father's Day this weekend June 19th, the Co-operative Financial Services polled people about their relationship with their dad.

It found that nearly a quarter of people would rather not spend the day with their old man, while 40 per cent won't celebrate the day at all.

Of the 2,000 adults aged between 20 and 50 questioned, a third believe that the day had become too expensive and commercialised, with too much pressure to spend money, those looking for the best loan interest rates were told.

Ian Mackie, managing director of The Co-operative Wills and Funeral Planning, said that it is essential that children know the wishes of their parents and if they have a Will in place in order to avoid unnecessary expense when they die.

"They're things we tend to avoid but can be a great protection to everyone concerned and a funeral plan can personalise and celebrate someone's very special life," he added.

Defaqto also suggested recently that the loss of a father can have far reaching financial implications.

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2011-06-14 13:09:01 © Moneyextra.com