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Consumers 'ignorant' over personal finances

British consumers are ignorant when it comes to personal finance, with the vast majority unaware of the options available to them when it comes to buying financial products, says new research.

Data from Picture Financial reveals that apathy, confusion and a lack of understanding are discouraging many consumers from shopping around for the best deals on personal loans, mortgages and other financial products, even though they are quite willing to do so when buying items such as TVs or computers.

Indeed, the research shows there is a sharp contrast between the amount of time people spend scouring the market for the cheapest and most suitable deals on everyday goods and services compared to the amount of time they spend looking for financial products.

According to Picture some 21 per cent of consumers spend six days or more looking for the best deal when buying expensive items like televisions, cars or home PCs, yet when it comes to their finances it is a different story, with one in four reviewing their financial situation less than once every six months.

Research from the financial comparison service Moneyextra shows that consumers could be saving as much as £4,000 a year by shopping around for things like mortgages, loans and credit cards.

Click here to see how much you could borrow with a Lombard Direct personal loan.

02/03/2007 19:04:21

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