Many Brits who have received bad financial advice in the past are dubious about seeking further help with their finances, a new study reveals.

More than two in five Brits have lost money as a result of bad financial tips with a quarter never receiving compensation for their loss, according to invest06.

Adam Taylor, spokesman for invest06, said: "Our research shows that 43 per cent of people who have taken financial advice in the past think it was bad advice.

"Although we must stress that the market has 'cleaned up its act' after the pensions miss-selling debacle of the 90s, it does go some way to explaining why so many people in the UK are putting off their financial future.

"With so many 'financial victims' out there, there's little surprise that people are wary of making financial decisions," he added.

But a significant number of people have never sough financial help. Around a quarter of people in the UK - and one in three in London - prefer to shun the experts and sort out their own finances.

Furthermore, almost one person in three does not know where to turn to help.

Mr Taylor concluded: "It appears that people will go to the wrong people for investment advice or take no advice at all."