[Marxism] Understanding capital at the most basic level

Jurriaan Bendien andromeda246 at hetnet.nl
Wed Dec 1 07:15:44 MST 2004


Just how much do you understand about money? According to [British] research 
published today, as many as one in five adults feel their understanding of 
financial products is poor, while one in 20 has no understanding whatsoever. 
The survey, published by Mintel, showed that around a third (34%) of adults 
thought their understanding of personal finance was good, while 38% said 
their understanding was average, leaving 27% with inadequate financial 
knowledge. Only half of those asked said they would like to learn more about 
finance. (...)  The level of confidence appears to differ substantially 
between men and women, with almost half of men claiming to feel sure enough 
to explain how pensions work, compared to 32% of women.

Even everyday products pose a problem. Just 55% of adults can sufficiently 
explain debit cards, and only just over half (52%) can explain how an 
overdraft works. And while 46% of adults can explain what a store card is, 
just 28% have an understanding of how APRs work, an important consideration 
when deciding whether to sign up for any form of credit.

According to Mintel, two fifths of respondents had regretted buying a 
financial product, and the sales process itself plays a large part in their 
regret. Some 14% of adults said they had not been advised properly, while 
13% said they had been misled and 12% said they had been rushed into buying 
the product. Younger people struggle most with understanding money. One in 
three 18- to 24-year-olds said they had little or no understanding of 
finance.

Complete text: 
http://money.guardian.co.uk/news_/story/0,1456,1363120,00.html 





More information about the Marxism mailing list