Money confusion to lead to debt management help?

An increasing number of people may be in need of debt management help as it has been revealed many people are confused over their finances.

A new report from Confused.com found money matters is widely regarded as one of the most baffling elements of modern life.

The study showed 71.9 per cent of people suffer confusion over how to handle their cash.

It discovered pensions cause the most alarm, with 83.9 per cent of respondents admitting they do not fully understand the product, while 33.8 per cent claimed they found pensions either “very” or “totally” confusing.

Moreover, 79.1 per cent of those surveyed said they lacked knowledge in regards to mortgages.

The study – the Confused Nation report – was developed by the website along with the University of Bristol and included 6,000 residents in the UK.

It discovered one of the main areas of concern is details on house prices.

Almost one-in-five stated they consider the subject particularly confusing, while 80 per cent expressed dismay over the process of selling a property and 16 per cent claimed understanding property value was difficult.

In regards to economics, 84 per cent revealed they are bewildered by bankers bonuses, 80 per cent are unsure about the tax rate and 79 per cent expressed consternation at exchange rates.

Darren Black, from the portal, commented: “Given the variety of different products and services available and the hectic lives many Brits live, it’s easy to see how making decisions could lead to stress and worry.”

According to monthly statistics released by Credit Action, total personal debt in the UK currently stands at £1,457 billion.

By Amy White