Confusing financial terms have cost Brits an estimated £26 billion.
Research of 2,000 adults revealed 65 per cent have struggled to understand terms and acronyms used in financial documents, with 36 per cent of these claiming it has cost them £1,366. Among the terms most likely to throw people off are APR , compound interest and variable interest rate . Paying more for something or being overcharged , having to pay interest or late fees , or paying more tax than expected, were among the ways people have been caught out.
While 33 per cent in the capital have used the term ‘wonga’ - rising to 46 per cent in Newcastle. Across the south east, 61 per cent have ‘bucks’ in their vocabulary, but just over half do in the north west. Whereas ‘lolly’ is prevalent in the south west, with 46 per cent having used it in conversation, compared to 31 per cent in the north east. Generational differences also emerged - with Boomers and Gen X most likely to use ‘dough’, ‘bucks’, and ‘tuppence’.
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