Consumer charity the Money Management Council is calling on the financial services industry to make products easier for consumers to understand.
The charity has carried out a six month pilot study of consumers in association with Cirencester Citizens' Advice Bureau. The study indicates that apathy, fear and reluctance to take decisions because of lack of understanding resulted in consumers putting off dealing with their finances.
The MMC will report its findings to the FSA next week.
MMC president Marie Jennings says: “We all know that today money is a do-it-yourself business, but the task is daunting for consumers and the industry is still not listening to its customers.”