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Poll results: Pensions are most confusing financial product


Which financial products do you feel least confident handling yourself?

Mortgage – 18.2%
Pension – 45.5%
Debt – 9.1%
Savings – 27.3%
Insurance – 0%

45pc of people say they are less confident about handling their pension than any other financial product. This comes as little surprise; pensions are not only products that can be very complicated, but are also extremely important to financial security when you retire, something you really want to get right.

Surprisingly though, over 27pc of people admitted that their savings were confusing them the most. Many savings plans are sold by financial companies directly to the consumer, as uncomplicated products which can offer guaranteed returns without any nasty shocks. However the reality may be a little different.

Headline rates on ISA’s which change after an initial 12 month period, as well as management charges, and in some cases, tax, on other savings accounts, can leave the balance far below what was expected. The knock-on effect of this is leaving consumers confused about the products and in need of advice on what to do.

Mortgages were the third most challenging product. Recent news has highlighted a lack of understanding of interest-only mortgages in particular, with homeowners in the dark about final payments, and many facing the prospect of not being able to afford to pay the remainder of the mortgage off. Despite this, just short of 20pc of respondents regarded this as the most challenging area of their finances.

Debt and insurance made up the final two results with the former voted for by almost one in ten and the latter receiving no votes. While insurance products tend to be simple, debt is something that can be hard to conquer by yourself. Help is available, and people who need it should remember that there are plenty of free ways to get debt help and advice.

If you would like any help with any area of your finances, contact our advisors who will get back to you for free within 60 minutes.

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