Press release: Misunderstanding financial T&Cs cost UK adults £21 billion last year

3 September 2014

  • Financial jargon cost the average UK adult £428 in the past year
  • 84% of UK adults do not read the full terms and conditions when taking out financial products
  • Half of those who have taken out a payday loan do not understand the meaning of a ‘loan’ while 68% cannot identify the meaning of ‘interest’

Misunderstanding financial terms and conditions – or simply not reading them at all – is hitting UK adults in the pocket according to new data from the Money Advice Service. The study of 3,000 UK adults demonstrated that confusion around financial terms and conditions in the last 12 months cost each adult £428. Nationally, this equates to £21 billion.*