Brits have no financial knowledge

Inflation, interest, and recession are all words we hear on a daily basis, but how many people in the UK know what these money terms mean and more vitally, the impact they have on the pounds in your pocket?

Research from Raisin has found that 3.2 million Brits would say they have no financial knowledge, which could be impacting their ability to plot their own finances, with inflation (52%), recession (54%) and interest rates (50%) in all areas of finance that people admit to not fully understanding.

As households continuously review budgets and admit to growing pressure on the cost of living, the data signalled a worrying statistic pointing to 1 in 4 (25%) of people in the UK describing their current level of financial stability as unstable.

Aston spoke to personal finance expert Kevin Mountford.

Photo by Colin Watts on Unsplash