Consumers pay the price for lack of financial knowledge
Sep 26, 2006
British consumers are paying the price for being under confident and ill-informed when it comes to key financial matters such as choosing a personal loan or mortgage, it has been claimed.
Charity Citizens Advice warned that extensive changes in the financial services sector in the past 25 to 30 years had left many consumers feeling bewildered about the range of financial choices and responsibilities that they faced. Financial companies have tried hard to simplify their offers and processes and are now required by legislation to provide full and detailed information about products.
The charity said the pace of change in the financial services market has made it almost impossible to keep up and this has left people ill-equipped to spot when they are falling victim to shark practice and to manage debt problems when these arise.
Knowledge about financial matters was now essential for life in the modern world. Earlier in the year, the government awarded the charity £33 million to allow it to provide more face-to-face debt advice in England and Wales.
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