Is Martin Lewis really any good ?

[kingrollo]

I've never found anything useful from him - he seems to get by on finding 0% credit cards - and I've often found better deals elsewhere.

Today I read an article saying older people should consider a packaged bank account because of the free travel insurance - completely overlooking the fact that a good whack of people will have pre existing conditions making the packaged insurance unsuitable.

Either his target audience know absolutely zero about money or he's just rehashing the same advice over and over.

 

[fossyant]

TBH, a packaged bank account saves me a fortune. AA being included, as well as travel and phone insurance. The monthly fee is way below what AA Relay was for the same service. You may have to pay a premium to cover health conditions, but that's the norm.

Certainly a money saver for me and I didn't need Martin to tell me.

 

[wafter]

Dunno, I'm not hugely keen on the basal and click-baity manner in which his services are marketed in the press - "Martin Lewis says knobheads must do this one thing before the 6th of April", however I do use his site for finding financial products and have found his advice on mortgages & finance generally sound.

 

[ebikeerwidnes]

I find his advice is useful

But he seems to find there is a lot of pressure to come up with something every week and this does mean that he has EXCLAIM about things that he has either said before
or which as blomin' obvious

BUT
that means Bloomin' obvious to me
a lot of people are not very good with money and it scares them so this advice is very usefulthem
even if it seems obvious to me

 

[Electric_Andy]

He is very knowledgable, there's no doubt about that. But that's me saying it, having limited knowlege about savings and investments etc. I feel he has done a lot for the national community. But he is also a businessman who needs to make money. Added to that, he's very much in the public eye so there are probably better ways to make or save money at a higher risk, but he doesn't want to risk his reputation by going down that route. It would only take one tabloid story to say "Martin advised this and now I'm broke" which would probably lead to all the TV channels dropping him.

His comparison site and forum is very good. And it is difficult to advise many people (who may be struggling financially) on how to break free from debt. It's far easier to make money if you have money

 

[midlandsgrimpeur]

I think the MSE website is excellent (I know this is not ML directly writing the articles but as a founder he should be given huge credit). Probably the most comprehensive financial guide available online. I have used it a fair amount for starter advice on things like mortgages, savings, pensions etc. Easy to navigate, written at a level that is comprehensible to most, and the fact it provides easy to access comparisons across a whole range of financial products and services, in addition to the advice is a useful resource to have.

 

[wafter]

Some good points made here I think - ultimately I think he's just trying to push basic financial literacy in people whose lack of understanding has been exploited by the unscrupulous for decades.

On top of that he does have to make a living, and depressingly those who are most likely to respond to crappy click-bait titles are probably precisely those who would benefit most from a bit of financial education.

It's depressing to see how little many know about managing money - understanding basics like APR for example or recognising the significance of total cost of a debt product over its term rather than just how much the monthly payments are. This is potentially detrimental to us all; for example in the case of housing as those prepared to take out ridiculous amounts of debt will drive up the cost of properties for the rest of us (as has happened over the past two decades to an extent).

That said I suspect those of us with more nouse do also unintentionally benefit from the exploitation of these people - for example those of us who always shop around for services (such as insurance) probably get it cheaper than we would otherwise because of those who pay double or triple what they could if they recognised the need to be proactive when their contract ends.

 

[Fastpedaller]

I've a pretty good idea of finance - My key mantra is "trust nobody" where finaces are concerned. I have found ML to be good, although of late the TV show is getting a bit 'give a performance, even a stupid one to entertain' but I guess that's dictated by the producers.
His advice can often save the 'legwork' of trawling through loads of data, and there is the odd nugget that (without his media coverage) it would be easy to overlook (even if 'seasoned finance savvy') ........ One that immediately springs to mind is the Lifetime ISA, which we may not have been aware of but for his TV show. As a result of seeing about the LISA on his TV programme, our Daughter took it up, and when she bought her first property she had a very good deposit that had been 'inflated' by the 25% LISA - a real win of several thousand pounds. She then carpeted most of the house using a zero% credit card to spread the bill.

 

[Electric_Andy]

TV show is getting a bit 'give a performance, even a stupid one to entertain' but I guess that's dictated by the producers.

That's also a good point. If you want a TV show then you have to accept limited control of it, and that you will be forced into providing content you're not entirely happy with. It's why I watch youtube channels rather than normal TV. For example, someone doing a restoration does it with very good detail and editing, limited talking etc. Whereas the equivalent TV show is probably 20% close-ups of what they're actually doing, and 80% sob stories, presenters talking and other fluff that the enthusiast just doesn't want.

Had ML made his own YT channel he may not have done 1 video per week, but only 1 where significant chnages/offers spring up. But that wouldn't reach so much of the population as normal TV does, which is where its needed

 

[Fastpedaller]

Some good points made here I think - ultimately I think he's just trying to push basic financial literacy in people whose lack of understanding has been exploited by the unscrupulous for decades.

On top of that he does have to make a living, and depressingly those who are most likely to respond to crappy click-bait titles are precisely those who would benefit most from a bit of financial education.

It's depressing to see how little many know about managing money - understanding basics like APR for example or recognising the significance of total cost of a debt product over its term rather than just how much the monthly payments are. This is potentially detrimental to us all; for example in the case of housing as those prepared to take out ridiculous amounts of debt will drive up the cost of properties for the rest of us (as has happened over the past two decades to an extent).

That said I suspect those of us with more nouse do also unintentionally benefit from the exploitation of these people - for example those of us who always shop around for services (such as insurance) probably get it cheaper than we would otherwise because of those who pay double or triple what they could if they recognised the need to be proactive when their contract ends.

Good points there, especially total debt cost.
A little anecdote.
30 years ago a work colleague was buying a cheap (sub 2k) sports car, and he said he's get a 3 year bank loan. I pointed out to him that it would probably be cheaper to use an overdraft. He was shocked, and he said the interest for an overdraft was huge. As his monthly take home pay was probably in excess of £3k, I suggested the number of days his account would be in overdraft each month would likely be small, ( and therefore not cost much) and he'd pay off the whole amount in a few months. When he worked it out, in this instance an overdaft at silly % daily interest was indeed a lot cheaper than a long-term lone at a lower APR

 

[midlandsgrimpeur]

Some good points made here I think - ultimately I think he's just trying to push basic financial literacy in people whose lack of understanding has been exploited by the unscrupulous for decades.

I think this is the best way to view what he does. Nothing complex, just sound starter advice across a wide range of topics to help get people started and improve their financial understanding, and as you say, try and help them to avoid overpaying or even getting ripped off.

 

[Fastpedaller]

For example, someone doing a restoration does it with very good detail and editing, limited talking etc. Whereas the equivalent TV show is probably 20% close-ups of what they're actually doing, and 80% sob stories, presenters talking and other fluff that the enthusiast just doesn't want.

When I was being interviewed for a potential job at a car manufacturer, one of their question was
"what do you think of BBC Top Gear"
I responded with "for a real car enthusiast it is just an entertainment show with little substance"
I got the job

 

[ebikeerwidnes]

Some good points made here I think - ultimately I think he's just trying to push basic financial literacy in people whose lack of understanding has been exploited by the unscrupulous for decades.

I agree - and this is the most important thing about what he does

I believe he is doing it in a way that helps people - OK he is making money from it but he is not hiding that

 

[Dorset Boy]

He's probably done more than anyone else to try to overcome the financial illiteracy of the vast, vast majority of the population.
He also has a line to tread between providing information and giving regulated financial advice (which he cannot do).

 

[midlife]

He sold moneysupermarket for 80 odd million so I guess he has his own finances sorted….