Lack of financial education cost Brits nearly £250 million in charges and penalties

According to research from, lack of financial education has cost Brits £250 million in charges and penalties alone, with almost a quarter having been hit by charges because they don’t understand the terms and conditions of financial products.

In addition, almost three quarters of Brits say that a lack of basic personal financial understanding is to blame for debt.

For help understanding financial terms, visit the Consumer Financial Education Body’s website for impartial financial education and advice.


Source:  Credit Action – November 2010

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