Star financial expert Alvin Hall had some sound advice for householders today - after a new poll revealed surprising gaps in their knowledge.
Britons continue to show striking gaps in their financial knowledge, Norwich Union said today.
According to the insurance provider, more than seven in ten Britons do not know whether they hold a tracker or fixed rate mortgage, while 67 percent could not even say how much their monthly home loan payment is.
Norwich Union also said that 59 per cent are not sure of what is in their contents insurance policy. However, the number of people who do not know their utility or council tax payments was just nine percent.
These findings are especially worrying at a time of near-unprecedented financial turmoil. Banks are currently struggling against a credit crunch which has left them less willing to borrow and lend money to each other - a loans freeze which has bumped up consumer repayment rates.
Moreover, inflation stood at 4.7 percent as of the government's last measure, the highest since 1992.
Commenting on the report, TV star and financial expert Alvin Hall said: "In difficult economic times like today, it's crucial that each of us understands exactly where every penny of our pound is going. Budgeting blindly or with your head buried in the sand is a high risk strategy."
He added: "By taking some time to diligently read and understand the information about different products, and by asking questions that help clarify our understanding, we can empower ourselves to make the right decisions. Remember: don't buy anything unless you know exactly what you're getting."
