The report revealed that 78 per cent of the UK population were happy or comfortable with their credit borrowing, while 42 per cent feared that they were not getting the best deal on interest rates and charges.
The research also suggested that only 3 per cent in the 18- 24 age bracket felt they knew their consumer rights when buying financial products.
However, almost 50 per cent of the UK population thought the easiest way to compare financial products was on the high street or online.
The paper stated: ‘Consumers have a far greater understanding of other sectors in comparison to financial services. Consumers are four times more likely to know their consumer rights when buying food and clothes and three times as likely when buying electrical goods in comparison to financial products.’
Commenting on the findings, Paul Hunt, head of marketing at Platform, said: “I think one of the main issues is awareness of information and understanding financial products. Financial services products are complicated and it is important to understand the products being offered.”
