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Secured loans holders 'failing to look after finances'

Secured loans holders 'failing to look after finances'

Category: Loans

Updated: 31/10/2008
First Published: 03/10/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons are failing to understand their financial spending, research has suggested.

According to Norwich Union, 72 per cent of holders of secured loans do not know what type of deal they have, while more than two-thirds do not know what their monthly mortgage payments are.

This is despite findings that 53p out of every pound is being spent on important financial products such as insurance and mortgages, the insurer noted.

Independent financial expert Alvin Hall stated that economic slowdown means that it is "crucial that each of us understands exactly where every penny of our pound is going".

"Budgeting blindly or with your head buried in the sand is a high risk strategy," he added, encouraging consumers to be aware of the various products on offer.

Last week IFA Life - a financial social networking site - found that internet coverage of financial matters rose by 70 per cent over the last three months.

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