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PPI refunds: Many Brits 'feign financial knowledge'

Brits could be leaving themselves susceptible to being missold payment protection insurance or incurring high loan charges, as research from a payday lender has found many individuals do not understand commonplace financial terms.

Wonga.com reports that 11 per cent of Britons use jargon economic phrases in regular conversation without knowing what they mean.

A total of 70 per cent of respondents did not understand what stocks and shares are, while 63 per cent could not define the word 'recession' and 39 per cent did not fully comprehend what a mortgage is.

Furthermore, 13 per cent of people admitted they pretended to have better financial knowledge than they actually do when talking to staff in a lending firm or their friends, while 14 per cent said they had felt stupid in a bank branch.

Moneynet.co.uk spokesman Andrew Hagger recently suggested schoolchildren should be educated in financial matters, arguing this could make them better at saving and budgeting.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801389991-ADNFCR



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