Many people have lots of questions about property, but do not have the confidence that they know everything to make the right decision, so financial group Legal and General (L&G) is trying to give them the answers.
L&G’s latest partnership is with Google and is aimed to create a series of live chats on Google Hangouts answering people’s questions about money-related topics.
The latest one was about property, since a recent study of L&G found that Help to Buy is among the top five financial topics least understood by adults across the UK with 29 per cent of adults admitting they don’t understand the scheme. That’s why L&G decided to focus the third #MoneyHangout on property, to help people in the UK answer their big questions about finding, buying and renting.
The hangout was hosted by Legal & General CEO Nigel Wilson and features Miles Shipside (Rightmove), Roger Harding (Shelter) and Jo Eccles (Metro columnist and property expert).
Other findings of L&G’s research
More than half of adults (52 per cent) assess the financial education they have received as poor or are saying they did not receive any financial education at all.
This proportion is higher among low earners and older people, at 59 per cent for those earning under £15,000 and 62 per cent for those nearing retirement (55-64 year olds).
L&G, found that the top five personal finance topics least understood are:
- Annuities (42 per cent)
- Access to personal pension plans (36 per cent)
- Auto-enrolment (31 per cent)
- Help-to-Buy (29 per cent)
- Investments (22 per cent)
A third (33 per cent) of respondents approaching retirement (aged 55-64) admit they don’t understand annuities and more than one in four (27 per cent) of those people say they don’t understand how personal pension plans can be accessed.
Almost one in three working people (31 per cent) say they think management would disapprove of employees doing anything to manage or better understand their finances while at work, and half of workers (51 per cent) say they feel guilty if they focus on finances for more than five minutes during the working day.
Nigel Wilson, Group CEO, Legal & General said: “The introduction of personal financial education to the school curriculum is a good thing, but many adults need help now. The industry needs to provide products that are clear, simple, and understandable, but also new ways to engage with people over their finances, so that they switch on, rather than switch off”.
Joanna Elson, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Employers could certainly be doing more to help employees manage their money well – from allowing time for the practicalities of online and telephone banking during working hours, to providing workplace financial education programmes and signposting to free debt advice services where needed. This really is a win-win. The employer gains a more financially secure, more productive workforce – and for individual employees, it could just make the difference between keeping on top of their finances and falling into unmanageable debt.”
How can you learn more about the new scheme and take part
Clips from existing hangouts can be seen here
Outtakes on specific issues from the Property Hangout and more information from L&G can be accessed at the following links:
- http://youtu.be/JEFQDf11Gws – #MoneyHangout – Help Buying a Property
- http://youtu.be/muHBT2D8hYM – #MoneyHangout – Help Renting a Property
- http://youtu.be/7WpqpcN5Ek – #MoneyHangout – Top Housing Tips
- L&G webpage for more info: http://ow.ly/OkYx8
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