Internet could ‘boost financial understanding’

Bradford & Bingley’s head of mortgage products Andy Wiggins insists that money lenders are doing their part towards enhancing financial understanding and that their websites offering relevant information are “pretty well used”.

And with debt management concerns being dealt with by consumers across the country, Mr Wiggins suggests that given the importance of good personal finance handling it is an aspect of life people ought to be well informed about.

“There is a need for better financial education, not just on mortgages, but on all sorts of financial products about what are the risks involved with taking those sorts of financial products – what are the upsides, what are the downsides and just how they work,” he said.

To this end “the internet certainly has the potential to be a good a tool”, he concluded.

Around 300 people in the UK seek out advice on becoming debt free each day, figures from the national charity group Credit Action revealed earlier this year.