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Consumers lack knowledge about personal finance?

Consumers lack knowledge about personal finance?

- Wednesday, 29 September 2010

Consumers are unaware of the terms and conditions of personal finance products, such as credit cards or loans, which could lead them into debt problems.

According to uSwitch.com, 71 per cent of Brits blame a lack of financial education for their debt problems.

A further 24 per cent have been hit with charges as they have not understood the terms and conditions of a financial product and this lack of knowledge has cost consumers nearly £250 million in total.

Ann Robinson, director of consumer policy at the price comparison site, said: "Our poor understanding of personal finance is costing us money and now looks to be getting worse with each generation.

"While our debt is increasing, our knowledge is decreasing - the situation is a ticking time bomb."

Ms Robinson believes that the government should incorporate some form of financial education into schools to ensure that personal debt levels do not increase.

Constantly living within an authorised overdraft could cause consumers to waste money in charges as interest is charged on a monthly basis, suggested Jasmine Birtles - the founder of moneymagpie.com.
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