Date:1 March 2007 I Comments: 0 I Views:2,232

A recent study by Picture Financial reveals that most us in the UK know more about the products we buy off the shelf in a supermarket than the financial products available to us.

Apparently only 6% of us know our rights when buying a financial product.

One of the reasons behind this was ‘apathy’ (some of us just aren’t really bothered), another reason was the vast number of products out there and another was the confusing jargon used.

Now I can understand why a large number of people may not know too much about pensions and plenty of us may still not even know what ISA stands for but I would imagine a high percentage of people actually have a pretty good idea how their credit card works and which ones offer the best balance transfer rates.

I’d put this down to the fact that many people in the UK use credit cards daily whereas a much fewer number come into contact with ISA’s or pensions on such a frequent basis.

The pace of life increases year on year and people simply have less and less time to deal with the things that are not ‘immediate’.

 

Category: General