51% of homeowners are more concerned about making their mortgage payments than anything else, but still don’t know how much they owe, according to a new survey conducted by Unbiased.
According to survey findings, the need for financial education has never been greater, as while most respondents claimed to be lacking in confidence regarding major financial decisions like retirement planning and investing, many were also struggling to understand even their day-to-day finances.
41% of those surveyed stated that they don’t know how much they earn post-tax and a further 17% claimed they don’t know when they are paid.
Nihal Pekbeken, chief commercial officer at Unbiased, said: “These statistics reflect what we’ve seen as a business, particularly since the cost-of-living crisis.
“More and more people are coming to Unbiased with an immediate need for expert advice.
“People who visit our site have varying levels of financial confidence […] whether they’re worried about their fixed rate mortgage coming to an end or just want to start saving, we cut the financial jargon and give them the confidence to make the right financial decisions.”
However, the survey revealed that many people are still reluctant to address their financial wellbeing.
The results found that 47% of people don’t understand how ISAs work, only 17% have used a budgeting app, and 42% would feel intimidated to seek advice, even when needed.
Pekbeken concluded: “Financial advisers are experts in their field and are used to helping people in all kinds of situations.
“Especially in these difficult times, a good adviser can help make your money work harder.
“It’s important that people understand the true value of getting trusted, expert advice.”
