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.