'Dough' or 'Bucks'? How confusing financial terms have cost Brits billions

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. Among the terms most likely to throw people off are APR , compound interest and variable interest rate . Paying more for something or being overcharged , having to pay interest or late fees , or paying more tax than expected, were among the ways people have been caught out.

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. Whereas ‘lolly’ is prevalent in the south west, with 46 per cent having used it in conversation, compared to 31 per cent in the north east. Generational differences also emerged - with Boomers and Gen X most likely to use ‘dough’, ‘bucks’, and ‘tuppence’.

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'Dough' or 'Bucks'? How confusing financial terms have cost Brits billionsConfusing financial terms have cost Brits an estimated £26 billion.
Source: The Yorkshire Post - 🏆 39. / 66 Read more »

'Dough' or 'Bucks'? How confusing financial terms have cost Brits billionsConfusing financial terms have cost Brits an estimated £26 billion.
Source: LeedsNews - 🏆 48. / 63 Read more »

Thousands in Majorca in 'anti-tourism' protests with ominous warning for BritsOne tourist described the protest as a 'storm' as demonstrators walked through the island's capital
Source: MENnewsdesk - 🏆 23. / 69 Read more »

Millions of Brits confused about roaming charges and their costsA study of 2,000 mobile phone users has found 63 per cent are confused by the cost of using their phone abroad with holidaymakers stung for over £120
Source: BelfastLive - 🏆 16. / 77 Read more »

Brits who think they know their food challenged to take quiz on ingredientsA quiz has been created to test the knowledge of the nation's foodies on their culinary skills - and it's a lot harder than you might think. How many can you get correct?
Source: BelfastLive - 🏆 16. / 77 Read more »

Brits urged to replace surprising bathroom item which could be making you unwellTime to check your bathroom immediately
Source: MENnewsdesk - 🏆 23. / 69 Read more »