Brits lack financial nous

Survey shows Brits lack financial know how.

10:01 19 May 2004

Almost 80 per cent of Britons lack the adequate information when making financial decisions, according to a new investigation.

The survey conducted by financial services policy experts Cicero Consulting comes amid growing concern about the level of debt faces by British consumers.

Three quarters of the people asked thought that basic financial education should be offered in schools and over half the sample backed greater access to financial advice and information in the workplace.

Iain Anderson, Director and Chief Corporate Counsel at Cicero Consulting, said: "Our research in advance of the publication of the FSA's consumer strategy shows a majority of people do not believe enough is being done to make financial education available.

"This analysis shows what an important task the FSA and others involved in financial services have to make the financial capability strategy work."