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

According to research from uSwitch.com, 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 www.moneymadeclear.org.uk for impartial financial education and advice.

 

Source:  Credit Action – November 2010

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