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03/09/2014
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service.
The decision cost the average adult £428 in 2013.
One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
Jane Symonds, a money expert at the Money Advice Service, said: "Reading and understanding the terms and conditions of a financial product can seem long and unnecessary, but if you don't, you may end up incurring unexpected penalties and possibly even impact your credit score.
"There are many ways in which you can lose money by not properly understanding terms and conditions. Early repayment charges on loans and mortgages are a common financial headache, and many people fall foul of penalties for taking savings money out early from long term saving accounts, or incur late repayment charges on credit cards."
(CD/IT)
The decision cost the average adult £428 in 2013.
One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
Jane Symonds, a money expert at the Money Advice Service, said: "Reading and understanding the terms and conditions of a financial product can seem long and unnecessary, but if you don't, you may end up incurring unexpected penalties and possibly even impact your credit score.
"There are many ways in which you can lose money by not properly understanding terms and conditions. Early repayment charges on loans and mortgages are a common financial headache, and many people fall foul of penalties for taking savings money out early from long term saving accounts, or incur late repayment charges on credit cards."
(CD/IT)
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