MOST people cannot calculate the cheapest loans, energy tariffs or even deals on groceries, while 70% of savers cannot work out which accounts offer the highest interest. That was the sobering outcome when researchers from the
Over two-thirds of
Now the OUBS has launched an eight-week online course aimed at people with all levels of financial literacy, with learners expected to commit to around three hours of study each week.
Today's youngsters are benefitting from the recent addition of financial education to the school curriculum.
But those lessons may have arrived too late for a generation of older Scots whose adult lives are blighted by poor numeracy and scant financial knowledge.
The school exam questions which so many failed covered savings, tax, currency exchange and utilities. Consumers admitted that their current lack of financial knowledge was stopping them from making informed decisions around mortgages (44 per cent) and pensions (43 per cent) right down to everyday products such as ISAs (32 per cent) loans (29 per cent) and credit cards (20 per cent).
The OUBS said: "The research also suggested ignorance really isn't bliss, with 42 per cent of people admitting that their personal finances give them stress, anxiety and sleepless nights. This figure rises to 60 per cent for the 25 to 34 year old age group and falls to just 29 per cent for the over-55s."
The research also revealed that almost half of all
A separate survey conducted by Scottish Friendly last month found that half of the population do not know the difference between a cash and an investment Isa. Their ignorance may have cost them dearly over the last five years, as the mutual calculated that an average
"With most cash ISAs currently offering poor returns, one thing that may be holding people back is a lack of understanding about how investment ISAs work."
Even those who pride themselves on being financially capable may be surprised at how much they fall short of their ideals. Confident consumers are being challenged to use
The online OUBS course is run with the
"These courses will arm people with the knowledge and information they need to make informed decisions about their finances, or to ask the right questions of the right people."
If your financial weak-spots are keeping you awake at night, you may find a new tool from the Money Advice Service helpful. The "Money Worries" interactive tool asks a series of questions to determine the impact of financial concerns on your wellbeing before pointing you towards other resources, like the site's budget planner and money health check, that should help to get you back on track.
Meanwhile this week RBS launched a new version of its 'Pigby' money-saving app for children.
MOST people cannot calculate the cheapest loans, energy tariffs or even deals on groceries, while 70% of savers cannot work out which accounts offer the highest interest.
That was the sobering outcome when researchers from the