Consumers have low levels of financial literacy
Are we financially savvy enough to make the right decisions about how to invest for retirement or calculate mortgage payments or avoid the danger of repossession?
Not enough people are, according to the OECD. In a recent study the organisation found consumers not only have low levels of financial literacy preventing them from making informed financial decisions but they often overestimate their knowledge and skills.
Now Allianz has launched a website where people can find out about a whole range of financial terms to help their decision making, from estate planning to merging portfolios after marriage. There’s even a chance to trace how the price of coffee has increased in the past 30 years or how it might change in the future.
And if that doesn’t help to demystify some of the jargon then try the Financial Times lexicon.
