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Some Brits 'compare loan claims without understanding them'

Brits frequently look at the features of credit card claims, bank charges, loan insurance and a range of other financial products, but do not necessarily understand what these details mean.

This is according to a recent poll from Defaqto, which found 93 per cent of respondents examine this information and compare different products.

However, 47 per cent of the people surveyed admitted they do not always understand what the features mean.

The findings of this investigation have remained static when compared against similar Defaqto research from 2011 and 2010.

This relates to recent statements made by stand-up comedian and mathematics expert Matt Parker, who recently argued in the Guardian that a lack of mathematical aptitude among consumers could have contributed to the scandal of mis-sold payment protection insurance.

Head of insight for Defaqto David Cartwright said: "There is such a wide variation in what's available that it's understandable that many consumers are sometimes confused by what's on offer."

He added: "The key is for people to look for the right level of product for their particular circumstances."

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801381867-ADNFCR

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