With less than one in ten (8%) people in the country saying that they understand 'most' financial terminology, NS&I has today launched an independent website - You and your money (YouAndYourMoney.info) to provide straightforward, impartial information, helping people to make more informed financial decisions.
You and your money has been designed to be easily accessible and clearly laid out even for those who don't find finance simple to understand. To enable people to quickly find the information they want, You and your money has a dedicated jargon-buster guide and sections on key life stages, such as retirement, as well as on sensitive topics like what to do when faced with a bereavement.
The site has general details on savings and takes a responsible position towards helping people manage their money overall by going beyond savings to include information on other aspects of financial health, such as managing debt and improving credit ratings. The site will also assist visitors to easily reach other information portals, carrying links to relevant pages.
Having been a constant in the financial services marketplace since 1861, NS&I is a trusted brand in an ideal position to help provide independent information, and is continuously looking at ways to encourage people to both save and learn about financial information. Unlike some other sites providing financial information, You and your moneyhas been written by independent, impartial experts with no affiliation to NS&I. Furthermore, the site does not promote or sell financial products, but reviews finances in light of major life events.
John Prout, Director at NS&I, says: "We have recognised that there is a real and growing need for this sort of website. This new research shows that there is a lack of understanding of general financial planning across Britain. A good example is when people face bereavement situations; apart from the incredible emotional turmoil, there are a whole series of financial issues to deal with, for which most of us are completely inexperienced."
The apparent lack of understanding of key financial terms revealed by the research can lead to poor money management and significantly impact on people's ability to save in the long term. Almost a fifth (17%) of people claimed they don't seek information on managing their money because it is too confusing, while nearly half of the population (40%) don't have a long term financial plan at all.
The survey also revealed that people are unsure where to look when it comes to searching for this kind of information - just under a third of people (31%) said they have asked their parents for financial advice in the past, while nearly a fifth (17%) had consulted their friends.
The internet also plays an important role in helping people find out more about their finances. More then a third (34%) said they had learnt about finance through the internet, while 30% of people said they had looked for help on specialist financial websites.
John Prout added, "While it is natural that people discuss finances with family and friends, it is important that they have a reliable, independent resource that they can turn to for expert impartial information. We are also aware that people increasingly look online for information so we decided to create a dedicated financial information website. You and your money has been designed as a result of listening to our 28 million customers and experience of the 3.5 million telephone calls we receive every year."
When it comes to financial measures, 40% of people don't know how inflation affects their savings and over a third (35%) have no idea where to go to find out information about inflation. You and your money will help demystify common misunderstandings over financial terminology and improve people's financial know-how.
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