Brits 'confused by financial deals'

By Sarah Engle, Tue 3 Aug 2010 - Published in Banking

A new survey has shown how Brits find it difficult to understand financial management.

The poll, which was carried out by Confused.com, found that 71.9 per cent of people are baffled when it comes to making money and how to use their cash wisely.

In addition, the research showed that pensions are the most confusing financial product, as 83.9 per cent of respondents admit to being perplexed by saving for retirement.

The survey also revealed that 79.1 per cent are confused by mortgages - but just 40 per cent are left stumped by credit cards, the least puzzling product.

Darren Black from Confused.com commented: "It's not surprising that financial products and terms account for so much confusion in modern life, especially given the changes that have taken place in the sector over the last couple of years."

He recommended that people make use of price comparison websites to ensure they can tell the difference between various mortgages, credit cards and pensions and identify the products which best suit their needs.

Recent research by Unum found that 21 per cent of Brits have not made a financial back-up plan in case they lose their jobs.

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