Vast numbers of British people are in the dark when it comes to making the most of their money and using it wisely, reveals a new survey.
Financial decisions on issues such as
mortgages,
pensions and
savings accounts completely confuse more than 70 per cent of Brits, the study by the University of Bristol and Confused.com found.
The study covered a cross section of 6,000 UK residents and found the least confusing aspect of finance was
credit cards with 40 per cent of respondents stating they were not at all confused by them. But when it came to
mortgages and
pensions, up to 83 per cent admitted their understanding was very limited.
Bankers bonuses were a topic of much confusion for 84 per cent of respondents, while 80 per cent were confused over tax rate changes. A further 75 per cent reported finding unemployment rates hard to understand.
Furthermore, the extent to which this confusion has on the respondents’ lives showed an overwhelming 42 per cent of people lie in bed at night trying to get to grips with confusing financial decisions.

Darren Black from Confused.com said, “It’s not surprising that financial products and terms account for so much confusion in modern life. It’s easy to see how making decisions could lead to stress and worry.”

