Britons know less about credit cards than groceries

The average Briton knows more about their everyday groceries than they do about credit cards, new research suggests.

Only six per cent of those surveyed by Picture Financial said they felt confident in their knowledge of consumer rights relating to financial products.

In contrast, around a quarter said they were familiar with their rights as they related to the purchase of everyday goods and services.

“There is a sharp contrast in the time and energy people put into finding the best deal for everyday goods and services compared with how people manage their money,” said Julia Dallimore of Picture Financial.

Over forty per cent of respondents think they are not getting the best deal on their credit card and other borrowing.

Several reasons were put forward by those surveyed to explain their lack of financial product knowledge ñ with apathy being the most common at over 30 per cent.

A further quarter said the range of options and choices available was just too confusing, while 16 per cent said they did not understand the technical jargon companies used.

In related news, Abbey bank research released today concluded that people in Britain ae more concerned about the state of their personal finances than they are with the threat of terrorist attack.

Almost a quarter of respondents said they worried about money, with crime, terrorism and climate change the next most common concerns.

© Adfero Ltd

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