Belfast Telegraph

Wednesday 3 September 2014

One in four 'stung' by charges due to not understanding financial products

One in four people have been hit by charges because they did not fully understand the terms and conditions of a financial product, a survey indicated today.

Around 24% of people said their ignorance about money matters had cost them money, while 71% thought a lack of financial education was responsible for debt, according to comparison website uSwitch.com.

Only 7% of people think the nation is financially educated, while 40% think people know less about managing money than the previous generation.

But 70% of those questioned think personal finance is now more complicated than it used to be.

The majority of people pick up their financial knowledge through trial and error, with 81% of people saying they learnt their money management skills in this way, while 7% learnt them from their parents and 4% learnt them from their bank.

Around 95% said they thought personal finance should be taught in schools, with only 5% saying they thought youngsters were well informed about financial matters.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More