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PPI Claim News - 5/9/2011

 
Bank charges: Brits have gaps in their payment knowledge

A number of Brits may not fully understand financial issues, such as bank charges, as new research shows the extent of their payment knowledge.

PayYOURway.org.uk has revealed that two out of three Britons cannot identify a Faster Payment from description.

Findings revealed that 28 per cent of people could not recognise a standing order from it being described as 'an instruction to your bank or building society to make a set payment, usually on a regular basis, to another UK bank or building society'.

As a result, it has launched an online glossary of payment terms in order to help improve the nation's payment literacy.

Sarah Quinn, from the campaign, said: "The new glossary and online guide are part of our campaign to educate everyone - from young people who are just starting to manage their own finances, to older people who perhaps feel a little left behind by online and other relatively new payments."

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800719407-ADNFCR



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