Many Brits ‘clueless about finances’

Despite spending hours researching financial products, most Brits are still unaware of where their money is going, a new report has suggested.

A survey from Norwich Union has revealed that although 53 pence in every pound is spent on financial basics such as mortgages and insurance, some people are clueless about what they are getting for their hard-earned cash.

It found that 72 per cent do not know what type of mortgage they have and 67 per cent could not say what their monthly repayment is.

Furthermore, 59 per cent were not aware of the particulars of their home contents insurance and one in ten did not have an idea of what their utility bills or council tax came to.

Spokesman Alvin Hall stated that this is not a good way to conduct debt management.

“Budgeting blindly or with your head buried in the sand is a high risk strategy,” he remarked.

However, online media coverage of financial issues increased 70 per cent over the summer, according to website IFA Life.

By Jamie Price