M&G is trying to break this cycle with its latest advertising. Gary Shaughnessy, M&G's chief executive of UK Retail, says: "We identified an erosion of a level of trust that was not that high to start with People didn't fully understand what they were getting into. We have revamped the way in which we position our service, concentrating on providing consumers with the right information. The nub of it is to move away from sales and towards establishing long-term relationships with customers. And the only way of doing that is to make sure people are clear about what they are getting into."Mr Shaughnessy's laudable aim boils down to better education Huge areas of ignorance dog finance.
The Government, the FSA and the industry pay lip service to financial education in schools but, despite the sterling efforts of bodies such as the Personal Finance Education Group, the pitiful amount of money being made available reaches thousands of children instead of millions. Until that issue is taken seriously, trust will remain as rare as gold dust. And rightly so.HOW TO SURVIVE THE FINANCIAL JUNGLE* If something looks too good to be true, it probably is. Question closely anyone who offers above-average rates of interest. This year, investors have lost heavily in so-called structured bonds which offered high rates as long as certain stock market indices did not fall far.
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07/11 - 09/11 Find Kings Of Leon Tickets playing in The Cynthia Woods Mitchell Pavilion, The Wharf Amphitheatre. Kings Of Leon is playing in Spring, Orange Beach and Irvine. Kings Of Leon tickets
07/11 - 09/11 Find Chicago Cubs Tickets staging in Nationals Park, Petco Park. Chicago Cubs is staging in Washington, San Diego and Pittsburgh. Chicago Cubs tickets
They did.* If someone tries to sell you a financial product, ask what is the best and worst that can happen. Can you lose all your money? Or how much? And what are the chances of the best case?* There is no substitute for finding out as much as possible before writing a cheque. You can buy a car without knowing anything about engineering because you can always take it back to the garage. But by the time you discover you have the wrong financial product, it is usually too late.* Take advice. This is not a substitute for doing your homework, but is part of your financial education.
Finding the right adviser is hit-and-miss but the search will repay you many times.* Beware of saloon-bar tips. Chinese whispers are notoriously unreliable, and it can be difficult to tell Uncle Fred his inside info has lost you money. But friends and family can help you find a good adviser if they have had a good experience.* Read the financial pages of newspapers and magazines. Be sceptical of lavishly praised companies, but take note of those that attract a spate of criticism or complaints..
