by John Darer CLU ChFC CSSC RSP CLTC
A UK poll* reveals that more than 50% of Britons find financial information confusing and 20% can't explain what a bank is. Seriously?! We're speaking of the country that is home of one of the world's most important financial centers!
The stats, which appeared in Monday's London Times as part of so-called Good Money Week demonstrate that if people don't feel comfortable with everyday financial terms and don't feel that the financial information they receive is easily understood, it seriously impairs the ability to make informed financial decisions.
What if the financial information is not only confusing but inaccurate ( a characteristic of the ubiquitous mass produced "bags of fresh fertlizer" that are thrown against the digital "wall", in the hope that some will stick, so leads of consumers can be led to the industry "street corner" for introductions to hustlers of "cash now for structured settlement payments") ?
For plaintiffs in litigation of any age , or others going through transition stress, confusion created by inaccurate information, or a presentation of financial information that lacks clarity only adds to the stress they are currently experiencing and is non productive.
The poll also revealed 18-24 years olds exhibited a high state of confusion about financial decisions and 78% had expressed concerns about the clarity of financial information that is presented to them.
All segments of the structured settlement industry could do a better job of educating the public.
* the poll was commissioned by the UK Sustainable Investment and Finance Association. [London Times October 20, 2014 p 49]