A study of 2,000 adults found that 65% have struggled to understand terms and acronyms used in financial documents - with 36% of these claiming it has cost them £1,366
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.
And almost a quarter ended up paying more for something than they had previously expected, in contrast to the 16 per cent of those born on the British Isles. It also emerged 75 per cent of those who have English as a second language are baffled by the slang used to describe money, compared to nearly half 45 per cent of all Brits.
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.
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