50% of UK adults claim a good understanding of banking jargon but 71% don't know how a savings account works

50% of UK adults claim a good understanding of banking jargon but 71% don't know how a savings account works

Research by Pay.UK reveals a gap in financial literacy among UK adults. Despite 78% claiming to be financially literate, many struggle with basic concepts like savings accounts. The study emphasizes the need for improved financial education and resources to help individuals manage their finances effectively, especially in challenging economic times.

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