Two-thirds of Brits find finance "too confusing"Lack of knowledge stops us getting value for money

10 February 2011


You may be spending money on expensive insurance you’ll never be able to claim on

Two-thirds of people find financial matters too confusing to make the right choices with their money, a survey has found.

A Learndirect poll of 3,000 people has revealed a lack of crucial financial know-how amongst the British public, which is preventing them from getting the best value for money in many areas.

Four in five said they were unsure of which benefits and allowances they were entitled to, while one in six said they were unsure of how to check that they are paying the right amount of tax on their earnings.

And, at a time when family budgets are being squeezed, more than a quarter of those asked admitted they weren't sure how to go about shopping around for the best electricity, gas, mobile phone and television packages. 

2011 a financial worry for many

The research also suggests that many Brits have considerable financial worries for the coming year.

Half the people surveyed thought they would have at least £25 per week less to spend in 2011, while more than a quarter were preparing to be at least £50 per week worse off.

Independent financial expert Jasmine Birtles, who, alongside Learndirect and national charity Citizens Advice, has released a Worth Learning Guide, designed to help people get on top of their money worries, said: 'We all know times are tough and money is tight. 

'People need the confidence to make good financial decisions, but this research shows that many don’t think they have the right skills to do that.'

Which? Money advice

For those struggling with financial matters, there is also plenty of advice on the Which? website.

The Which? Money section features general advice for looking after your personal finances, including sections on bills and budgeting and tax.

Those looking to shop around and finding the best deals can visit our guides to heating, water and electricity, phones and TVs, for reviews and tips.

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