29 April 2017 : 
Home / News / Baffled Brits missing millions

Baffled Brits missing millions

07 December 2016 10:30:09

Lack of product and jargon knowledge cuts Brits financial opportunities image
Lack of product and jargon knowledge cuts Brits financial opportunities

While money savvy Brits quickly navigate the complexities of personal finance, others are getting uncompetitive or inappropriate products due to a lack of basic understanding.

Research conducted by online investment manager Nutmeg in UK consumers has revealed a shocking grasp of financial products and jargon, across a range of essential products.

Almost 50% of Brits don't know what ISA (Individual Savings Account) stands, and 60% have no idea how much they can invest in an ISA (tax-free) every year.

Despite being at a record low, 50% of people are clueless to the current Bank of England base rate of interest, and almost 40% are unaware that Tracker Mortgages rise and fall with the BoE base rate.

Given their struggles with basic financial information, it is no surprise that more complicated financial jargon like ‘asset management’, ‘equities’ and ‘offshoring’ leaves most Brits completely baffled.

Katie Prentke English, Commercial Director at Nutmeg, said, “Millions of people are not benefitting from key products and opportunities because they are uninformed about basic financial terms."

Unfortunately, the "experts" aren't helping either, with almost three-quarters of people feeling bamboozled when talking to financial experts. This lack of understanding means 40% of Brits never change the banking products and financial services they use.

Katie Prentke English, from Nutmeg, added: “This study clearly illustrates the need for the industry as a whole to make financial products and services more accessible to everyone."

ADNFCR-2196-ID-19464191-ADNFCR

Compare Savings & Investments

Bookmark and Share

Back

All news articles

Other Savings accounts News


All Savings accounts News

Other Home Page News


All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Follow Us: facebook twitter Google+

©2017 compareandsave.com is a trading name of Freedom Marketing Ltd.
Freedom Marketing Ltd is a credit broker, not a lender and is authorised and regulated by the Financial Conduct Authority, firm reference number 493117. This can be checked at http://www.fca.org.uk/register. Registered in England & Wales under registration number 05349340. The company's registered office is Freedom Marketing Limited, Colchester Centre, Hawkins Road, Colchester, Essex, United Kingdom, CO2 8JX.

The offers that appear on this site are from companies from which compareandsave.com receives compensation.

The Financial Ombudsman Service (FOS) is an agency for arbitrating unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.