Study discovers nation is confused by financial products and services
A new report from comparison website Confused.com into what the people of the UK find most confusing has revealed that finance is one of the most baffling aspects of modern life. The study revealed:
- 71.9% of people suffer from confusion over how to make money and use it wisely;
- Pensions are the most confusing product, with 83.9% of people finding them confusing;
- 33.8% of people said they were ‘very’ or ‘totally’ confused by pensions;
- 79.1% of people said they found mortgages confusing;
- Credit cards were the least confusing product – 40% of people said they were not at all confused by credit cards.
The findings are part of the Confused Nation report, a study developed by the University of Bristol and Confused.com, which covers a cross section of 6,000 UK residents. It explores how people feel about modern life and how they cope with its demands. The findings have been used to create a new website confusednation.co.uk which helps baffled Brits by providing clarity on confusing issues.
Financial issues claimed two of the top ten places for ‘most confusing’ areas of modern life. Pensions, share prices and interest rates came in fourth position and fuel bills took seventh place. 38% of people said it was unlikely that they could correctly estimate their fuel bills. The most confusing thing was found to be bankers’ bonuses. The extent of confusion and overwhelming choice was found to cause 42% of people to lie in bed awake at night trying to make decisions.
Darren Black from Confused.com, said: “It’s not surprising that financial products and terms account for so much confusion in modern life, especially given the changes that have taken place in the sector over the last couple of years. Given the variety of different products and services available and the hectic lives many Brits live it’s easy to see how making decisions could lead to stress and worry. Comparison sites can help explain the differences between confusing financial products like mortgages, credit cards and pensions, easing the burden of making decisions.”
The price is right?
House prices and buying a property were also highlighted as areas of confusion within the report. The study revealed:
- 19% of people found house prices ‘very’ or ‘totally’ confusing;
- 80% experienced confusion over the process involved in selling a house;
- 16% found understanding the value of their property very or totally confusing;
- Over half (53%) found the process involved in buying a house ‘slightly’ or ‘moderately’ confusing and a further quarter (26%) found it ‘very ‘or ‘totally’ confusing;
- Only one in three (30%) found the fluctuations in house prices ‘not confusing at all’.
Economics
When asked about their understanding of the UK economy, the overwhelming response was of more confusion:
- 84% found bankers bonuses confusing;
- 80% found tax rate changes confusing;
- 79% found exchange rates confusing;
- 76% found interest rates confusing;
- 75% found unemployment rates confusing.
Notes to editors
Top 10 most confusing aspects of modern life:
1. Bankers bonuses
2. Political policies
3. Global warming/carbon emissions
4. Pensions/share prices and interest rates
5. The term smart/casual
6. Job interviews
7. Fuel bills
8. Twitter predictive texts
9. US TV drama Lost
10. Flat pack furniture
A new website has been launched to bring clarity to baffled Brits: www.confusednation.co.uk
For a copy of the full report findings, including expert commentary on ‘indeciders’ (a group of individuals suffering high levels of confusion whilst displaying an inability to be decisive, leading in some cases to depression) from leading psychologist Dr Peter Collett, further information, case studies and images please contact James Duffy or Dan Lambden at the Confused.com press office at cake on 0207 307 3100 or confusednation@cakegroup.co.uk
