A new report from comparison website Confused.com has shown that most people do not understand mortgages and other financial products.
It found that almost 80% of people find mortgages confusing, and 74% are baffled by pensions.
House prices and buying a property were also highlighted as areas of confusion, with 80% not understanding the process involved in buying or selling a house.
There was also general confusion over bankers’ bonuses, politics, global warming, the term ‘smart casual’, Twitter, and flat-pack furniture.
The findings have been used to create a new website at confusednation.co.uk
Most people 'don't understand mortgages' claim
03 August 2010
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Comments
This is no surprise to any Mortgage Broker that clients dont get it even after you explain as simply as possible. It is something that the government and FSA should realise when their actions are causing less brokers and more direct business with Banks offering no advice. The consumer is losing out.