Many Brits 'do not know what mortgage they have'

Many members of the UK population are ignorant of financial services despite the large proportion of money that is spent on them, a new study has suggested.

The survey from Norwich Union has found that although 53 pence in every pound is spent on financial products - such as mortgages or car insurance - many people are unaware of where their money is going.

It revealed that 67 per cent could not specify what their monthly mortgage repayment is and 72 per cent do not even know what kind of homeowner loan they have.

Commenting on the figures, spokesman Alvin Hall remarked: "Budgeting blindly or with your head buried in the sand is a high risk strategy."

People should ensure they are fully aware of such issues in these times of economic crisis, he advised.

Meanwhile, research from website IFA Life discovered that online media coverage of financial issues increased 70 per cent over the summer of this year.