View more on these topics

Finance flummoxes 75% of the public

Nearly a third of adults regret buying a particular financial product because they had not taken proper advice, according to Mintel research.

The Education and Advice in Financial Services survey also reveals almost three-quarters of adults are confused over financial products due to lack of education.

One in 10 of the 1,635people questioned have visited the Citizen&#39s Advice Bureau to seek financial advice.

A total of 93 per cent agreed that basic financial skills should be taught at school.

Two-thirds of respondents said they had learnt most of their understanding of financial services through trial and error.

Women have slightly more problems than men, with three-quarters of women saying they do not understand more complex financial products compared with 68 per cent of men.

Another finding of the survey was that one in five people never check the position of their finances. Only one in 10 look at the performance of finances outside bank and building society accounts once a month, such as shares, funds mortgages and pensions.

Mintel forecasts sales by direct channels will increase significantly over the next five to 10 years but that products such as life insurance and pensions will be less popular when sold directly than, for example, motor insurance.

Finance consultant Paul Davies says: “Despite Government plans to teach children basic financial skills from the age of five, many of today&#39s adults will continue to str- uggle with the complexity of financial services.”


Sun Bank offers flexible mortgage

Sun Bank claims it has designed its new mortgage product to meet its customers&#39 flexible needs.The mortgage offers payment holidays, simple lending criteria and has a special status version for self-employed customers.Borrowers can take advantage of the mortgage&#39s features from day one.Sun Bank says customers will be able to monitor their mortgages easily with monthly […]

Mutuality still viable, claims BSC

There is no compelling reason for building societies to convert to plcs and they are generally financially healthy, says the latest report from the Building Societies Commission.It claims the competitive performance of societies over the last four years has shown that mutuality remains viable.The BSC says: “We believe they can continue to thrive and serve […]

Standard Life is entering the with-profits bond market for the first time

Called With Profit Bond, it is a unitised with-profits product aimed at low to medium risk investors. It can be set up to provide either income or growth and a terminal bonus is paid in the event that the bond is encashed by the investor.Standard Life has chosen now to come in the the with-profits […]

Get ahead of the pack

Britain&#39s pension industry stands on the launchpad of massive change. In April 2001, stakeholder pensions will go on sale. Their arrival will herald the biggest shake-up in the market since the introduction of personal pensions in 1988.The new pensions are a simple concept but their launch poses complex questions for financial services companies and their […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm