- 24
- May
A lack of understanding about financial products could be causing Britons to incur debt difficulties in later life, it has emerged.
According to the National Association of Pension Funds (NAPF), there is an "information gap" for consumers unsure where to look for advice on saving for their retirement.
The association claimed that being provided with more information on financial topics Britons could be able to save more efficiently for the future which in turn could help their attempts at debt management and make personal loan repayments with greater ease in later life.
Chief executive of the NAPF Joanne Segars said: "The provision of financial advice is expensive and as a consequence bypasses many lower-paid individuals and small and medium-sized enterprises.
"And by their own admission, consumers simply don’t understand pensions and don’t know where to turn for help and information."
Last week, figures released by Key Retirement Solutions indicated that older people are experiencing a rise in debt difficulties.
Those over the age of 60 were reported to owe an average of £35,480 accrued on personal Loans and other forms of unsecured debt, reports Reuters.
Interfinancial providing you with breaking general finance news.
Related posts:
