Consumers ‘don’t read the small print’

People often just look at the top line when buying financial products and choose the cheapest option, according to Ashley Law.

The independent financial advisory firm claimed that although they can not be 100 per cent certain why people opt for a particular product over others, there is a strong chance the decision is cost-based.

Jock Cassidy, director of Ashley Law, gave the example of critical illness cover as a product which some insurers will offer at a lower price than others, but there will be fewer benefits.

“If people don’t take the time to read the small print, and I doubt very much if they do because it’s not exactly the most interesting read, then they’ll go for the cheapest option,” he remarked.

Consumer body Which? claims that is it more important than ever to shop around for deals on credit cards, as the impact of the credit crunch has led to a number of fee and rate increases.

© Adfero Ltd

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