According to new research from Wonga, 11% of Brits often use
financial terms in conversation even though they have no idea what they mean.
The top ten terms that Brits don’t understand are:
- Stocks and shares (70%)
- Audit (69%)
- Dividend (67%)
- Inflation (63%)
- Recession (62%)
- Mortgage (39%)
- Interest (36%)
- PIN (34%)
- Overdraft (28%)
- Direct Debit (24%)
The research also showed that 7% of Britons don’t know the
difference between a current account and a savings account while 11% did not
know the difference between an available balance and a current balance.
13% of Britons have said that they feign their financial
knowledge in front of friends and bank staff. A further 14% have said that they
have been made to feel stupid in a bank. 11% of those asked said that they hide
their lack of knowledge out of embarrassment.
21% of the people asked said that they find traditional
financial and banking services to be very confusing and 33% regarded it as
With such a lack of understanding so widespread, it’s not
hard to understand why so many people get themselves into financial difficulty.
If you find yourself in financial difficulty, you should
contact a regulated financial solutions provider to discuss your options.
The Debt Advisor has a long track record of helping people
get back on their financial feet. Call today on 0800 0851 825 to speak with one
of our professional advisors or visit www.thedebtadvisor.co.uk.