Consumers 'ignorant' of financial products
Published On 2 March 2007
Consumers in the UK are much more knowledgeable about their rights when buying consumer goods than when they sign up for financial products such as credit cards, new research has revealed.According to Picture Financial, only one in 20 Brits are aware of their consumer rights when applying for a credit card or personal loan.
The study suggests that apathy, too much choice and the inability to understand financial jargon are behind the nation's ignorance. As a result, more than two in five Brits think they are not getting the best deal on their borrowing.
"We are a nation of increasingly savvy shoppers, able to take on vast amounts of information to evaluate what best meets our needs," said marketing director Julia Dallimore.
"However, our research shows that this doesn't extend to financial services and many people could be missing out on better deals on their finances as a result of this knowledge gap."
The latest bank of England figures show that new borrowing on credit cards and personal loans increased in January.
