The UK public does not have a particularly strong level of financial education at the present time, according to a number of those who were queried in a recent survey.
Figures published by the switching service
uSwitch.com have revealed that only seven per cent of people who responded to its poll believe that the country is currently financially educated.
Debt is an issue that many people feel they have had to deal with as a result of weak financial knowledge in the past, the research has also suggested.
As many as 71 per cent of the survey's respondents claim that this is something they have experience of.
The website's director of consumer policy Ann Robinson has noted that people's financial knowledge appears to be worsening as time goes on.
She stated: "While our debt is increasing, our knowledge is decreasing - the situation is a ticking time bomb."
The expert added: "The government needs to start taking this seriously and should urgently re-instate plans to get financial education onto the curriculum."
In a bid to gain good financial deals in the future, people could check their
credit rating scores, Ms Robinson went on to suggest.
They should also get to grips with the details of products before actually going ahead and signing up for them, she continued.
Past generations had better standards of financial education than the present one, according to 40 per cent of the uSwitch.com survey's respondents.
Meanwhile, separate research published by the website last month also addressed the issue of debts which being are caused by the public's excessive shopping habits.
Unsecured debts as high as £13 billion are currently being faced by the country's female consumers as a result of their expensive shopping trips, according to the firm, with four million females being described as 'shopaholics'.
Posted by Martin Peacock.
