The report found that a quarter of Brits are unsure if self-employed individuals can be approved on a mortgage and 59% agree that language used in loan applications is confusing.
An estimated 30% of Brits feel anxious about managing their money as a result of coronavirus, according to Shawbrook Bank.
The report found that a quarter of Brits are unsure if self-employed individuals can be approved on a mortgage, and 59% agree that the language used in loan applications is confusing.
Just 16% said that they read the terms and conditions of a finance agreement ‘very thoroughly’.
Manchester residents were revealed as to be the most anxious about managing their finances.
More than half of Brits confirmed that confusing language would put them off of applying for a personal loan.
To understand this financial jargon, 34% stated they would search terminology on Google, while 6% said they would not ask anyone for help.
Sally Conway, head of consumer communications at Shawbrook Bank, said: "If the last 18 months have taught us anything, it’s the fact that you never really know what’s around the corner.
"Planning for the unexpected is not easy. But, you can build an emergency fund if something unexpected does happen.
"Advisers typically recommend aiming for three months’ earnings, but any buffer is better than none at all. Start small and build it up, there are plenty of savings challenges out there that will ease you into the swing of things.
"When it comes to money matters and financial products, shopping around is extremely important. There is a lot of choices out there and you’ll need to do your research to find the best deal for you.
"Whether it’s looking for the best ISA for your savings or finding a personal loan rate that you can afford, take your time, look at all your options and make sure you fully understand what you are signing up to."
