Consumers have heads 'buried in the sand', Hall says

01/10/2008

Britons should improve their financial knowledge, TV guru Alvin Hall said today.

The expert pointed out that many people are "budgeting blindly" and have their heads "buried in the sand" regarding the current state of the economy.

Mr Hall made his comments following the release of a new report from Norwich Union, which showed that seven in ten Britons do not know what kind of mortgage they have - and that two thirds don't even know how much they pay for it each month.

Moreover, the survey revealed that six in ten are not aware of the contents of their home insurance policy.

Mr Hall said: "In difficult economic times like today, it's crucial that each of us understands exactly where every penny of our pound is going. Budgeting blindly or with your head buried in the sand is a high risk strategy."

He added: "By taking some time to diligently read and understand the information about different products, and by asking questions that help clarify our understanding, we can empower ourselves to make the right decisions.

"Remember: don't buy anything unless you know exactly what you're getting."

Tags; Debt Management and Banking, Credit Card Lifestyle,

Regional Debt Advice; Debt Advice Norwich,

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