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NS&I launches new financial information website

National Savings & Investments has launched a new website, You And Your Money, to help people better understand financial terminology.

NS&I says only 8 per cent of people understand most financial terms and the website, which will be found at youandyourmoney.info aims to help people make better informed decisions.

The site will include a jargon buster and focus on key life stages, such as retirement as well as on sensitive topics like what to do when faced with a bereavement.

Youandyourmoney.info has been written by independent, impartial experts with no affiliation to NS&I.

NS&I’s survey also found 17 per cent of people claimed they do not seek information on managing their money because it is too confusing, while 40 per cent do not have a long term financial plan at all.

It revealed that 31 per cent of people have asked their parents for financial advice and 17 per cent have asked their friends. Of the respondents, 34 per cent sought information through the internet and 30 per cent looked for specialist financial websites.

NS&I director John Prout says: “We have recognised that there is a real and growing need for this sort of website. This new research shows that there is a lack of understanding of general financial planning across Britain. A good example is when people face bereavement situations; apart from the incredible emotional turmoil, there are a whole series of financial issues to deal with, for which most of us are completely inexperienced.”

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