Britons need help says Norwich Union life insurance

It may come as little surprise to anyone abreast of the financial state of the UK at present - which judging by recent figures translates as a handful of bankers and the Chancellor of the Exchequer - but Brits everywhere are in dire need of financial education.

That's according to the latest findings of research carried out by Norwich Union life insurance, which suggest that a substantial 94 per cent of 40-50 year olds believe more needs to be done to educate people on financial matters.

The survey found that 57 per cent of people worry about their money at least once a week, with almost three quarters of people in their 40s worry that they will not have enough money to live on when they retire.

And although more than three quarters (79 per cent) of people admit that they need to know more about money, 88 per cent said that it was people's own responsibility to do something about it.

Almost two thirds surveyed (63 per cent) felt that financial education matters are most important for those 16-18 years of age, and just over half (51 per cent) thought that financial education matters are most important for those 12-15 years of age.

Even with the work already undertaken by the industry through the Raising Standards initiative, the survey results indicated that there remains a huge amount to do.

Some 81 per cent of people say they find some areas of finance complicated and almost half (49 per cent) of people said that the complexity of financial products has put them off addressing their own needs.

Sally Shire, director of marketing at Norwich Union life insurance, said: "Almost without exception people think that more needs to be done to educate people on financial matters.