Financial knowledge is lacking, a survey suggests

4 min Read Published: 09 Feb 2011

 Two-thirds of those asked in a UK survey found financial matters too confusing to make the best choices with their money, reports the BBC.

The problem

According to a survey of 3,000 people, carried out by Learndirect, the public’s financial knowledge is worryingly lacking.  

Of those questioned 80% were unsure which benefits and allowances they were entitled to while others struggled to get value for money or understand small print. Meanwhile, over 25% said they struggled to work out how to shop around for the best energy prices.

The Learndirect survey was conducted to coincide with the launch of a free guide outlining ways to budget, spend wisely, choose products and look for a job.

The worst possible timing

This survey result comes at a time when household budgets are being stretched due to the economic downturn. To make matters worse more and more people are requiring advice on dealing with their debts at a time when governmental cuts have led to advice centres facing closure.

Couple this with the recent announcement that Barclays plans to stop offering financial advice at their branches there is a worrying trend of ‘leaving the public to fend for themselves’ when it comes to making financial decisions. At a time when people need the most help with their finances there are fewer and fewer places for them to turn to.

Money to the Masses is here to help

This site and maybe others like it will increasingly become the sole source of financial expertise for the majority of people. The key difference between this site and the rest is that I am qualified in financial planning and work within the industry. I am not a self publicist or a journalist. I have no agenda nor motive other than trying to help everyone to take control of their finances whether it be mortgages, insurance, investments, household bills......the list is endless. Why am I doing this? Simple, because no one else is.

 The site if full of insight answers to all those questions you wish you knew the answer to. If you follow me (which you can do via the website, Twitter, Facebook, LinkedIn or my newsletter) I will help you take control of your finances and help you become wealthier and happier. If nothing else I will help you realise that personal finance is not this scary world and you can conquer it with little effort and time.

 But you can also make a difference by spreading the word of what I am doing. So please mention this site to everyone you know. And remember, if you have a finance related question, simply ask me via the question box to the right and I’ll answer it.

Oh, and if you were one of those questioned who does not know how to find the best utility prices

 Read my article Top 6 ways to reduce your energy bills.

Image: Filomena Scalise / FreeDigitalPhotos.net

Looking for a financial adviser near you?

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Alternatively, Hargreaves Lansdown, one of the UK’s largest firms providing restricted financial advice, is offering a £200 John Lewis voucher* to new clients.