According to a study by TSB, a third of Brits feel confused about financial products and services, which has led them to have low or no confidence in their financial abilities!
Those with low confidence are less likely to invest their savings to make their money go further.
TSB also revealed factors that contribute most towards feeling money confident (or the biggest barriers to not feeling money confident) include:
- Being able to make the right financial decisions
- Being able to understand financial concepts, products and services
- Knowing how different financial products and services work
- Having a good understanding of what different financial terms mean
- Being happy to put in effort to research different financial options
- Feeling comfortable talking about money with friends and family
How would you rate your money confidence on a scale of 1-10? Do you agree with the factors listed above?
Let us know what you think and if you would like to add more information