People are left cold by financial jargon and complex deals
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I was interested to read that one in seven borrowers are unaware of what mortgage deal they have.
The truth is that individuals don’t understand financial products because they’re too complicated. Finance has become ridiculously hard for Joe Public to understand.
While the government and regulatory bodies have been busy flexing their muscles they have missed a basic principle - to promote the public understanding of finance. Let’s focus on who should be doing this job and kick their butts hard.
At the moment, providers may as well sell financial products in Chinese as the British public doesn’t have a clue what’s going on anyway.
Let’s hope the new government can turn things around - after all, it was Margaret Thatcher who started this country on the road to ruin with her push for privatisation a quarter of a century ago.
I hope coalition bosses David Cameron and Nick Clegg will surprise me. Schools should teach children about finance and there should be public finance workshops, more accessible guidance and simpler products.
Please, let’s get rid of all the jargon and define financial information in plain English.
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