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UK consumers ‘lack basic knowledge’ about finance

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Recent research from secured lender Picture Financial has revealed a serious knowledge gap in the UK, with only six per cent of people claiming to be aware of their consumer rights when purchasing a financial service.

People are four times more likely to know their rights when buying everyday, lower value goods like food and clothes than when making a saving and investment into a financial product.

Indeed, financial services came bottom of the list when respondents were asked to rank their knowledge of consumer rights of different retail sectors.

As a result two out of five respondents (42%) feel that they are not getting the best deal on interest rates and charges on their existing credit or borrowing.

Julia Dallimore, marketing director of Picture Financial, said: “There is a sharp contrast in the time and energy people put into finding the best deal for everyday goods and services compared with how they manage their money – in saving and investment, for example.”

She continued: “We are increasingly a nation of savvy shoppers, able to take on vast amounts of information to evaluate what best meets our needs.

“However, our research shows that this does not extend to financial services and many people could be missing out on better deals on their finances as a result.”

She concluded: “It’s important people set clear goals of what they want to achieve when using time to review and sort their finances.”

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