BusinessCompany News‘Personal finance too complex’

'Personal finance too complex'

Is the general public financially literate enough to cope with the complexity of modern personal finance?

Link: FDs turn on international standards

Nearly eight out of 10 finance directors think modern personal finances are so complex that the general public has little chance of being able to deal with them, writes Paul Grant.

This week’s Accountancy Age/Reed Accountancy Big Question found that 79% of those asked felt the public was not financially literate enough to cope with the increasingly complex world of personal finance.

‘Modern pensions, taxes and such are so complicated that the general public don’t stand a chance,’ said one respondent. ‘There are too many products, too many alternatives, conflicting reports and government advice and interference,’ said another.

‘If accountants struggle to sort these things out – as most do – then how do non-financial people manage?’

However, some felt it was ultimately down to the individual to maintain financial stability. ‘Store cards charge very high interest but people still purchase on them rather than using a cheaper bank loan,’ said Paresh Samat of Croner Consulting.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor