Brits' ignorance of finance could see some put at risk of having their home repossessed.
According to Jonathan Davis Wealth Management (JDWM), there is a general lack of knowledge when it comes to economics in the UK.
The firm noted that people tend to go straight to the banks to seek advice, which is not always the best thing to do.
Recent findings from NS&I show that more than a third (36 per cent) of Brits believe their grandparents are good financial role models.
Despite this, just one in ten (ten per cent) have sought financial tips from older members of their family.
JDWM managing director Jonathan Davis explained that it is more advisable for young people to seek professional help than relying on their family's knowledge.
"People who are retiring now were the baby boomers. House prices rose, pensions went up but now the baby boomers have retired, no-one is now buying property [and] pensions are going down because people are taking money out of pensions and not putting it in," he said.
"Demographics have helped the parents so the young people should not be going to their parents, they should be going to qualified professionals."
Ignorance over finance could lead to repossession
Wed, 07 Sep 2011
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