As many as 38% of UK adults have not sought financial advice in the last 12 months because they don’t think they need it, Paymentshield’s recent YouGov survey has revealed.
This is despite 26% of those surveyed admitting that they are not confident that they would understand financial terminology.
James Watson, sales and marketing director at Paymentshield, said: “Our research puts the spotlight on a concerning lack of knowledge about financial literacy across the nation.
“Given the confusion over financial terms, it’s particularly worrying that 11 per cent of those surveyed admitted they are most likely to seek advice from an online forum rather than consult a professional.”
These results come after Paymentshield launched their ‘Bring Back the Conversation’ campaign launched to encourage those in the financial industry and consumers to take the time to converse rather than using technology.
Watson added: “Of course technology is a valuable part of our everyday lives, but an over-reliance on the internet in certain situations could spell bad news.”
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