The poll revealed that about 40% of people were unable to understand products such as mortgages and Individual Savings Accounts.

It also said that eight out of 10 people did not know what annual percentage rate (APR) meant.

The charity warned that Britons must improve their knowledge of money matters if the country's pension crisis was not to worsen.

Do you find financial products and services confusing? Could money management be made simpler? Should schools provide finance lessons? Send us your comments on the post form.

This debate is now closed. Read a selection of your comments below.

The following comments reflect the balance of opinion we have received so far:

I am constantly amazed that people that claim not to understand finance can't figure out that the reason they haven't got any money is because they spend everything they get on payday rather than saving. It's a simple concept, live within your means.
Greg Burton, Atlanta, GA

Financial products are hard to understand and I have to trust a bank blindly. But so far there is no problem and I feel I can get by without knowing it. When it comes to investment, I am completely ignorant, but I do not have enough money to utilize so that is not a problem.
Anon

1.Only spend what you can afford
2.The best credit card is no credit card.
If you borrow money - you have to pay it back. When consumers start to understand the basics, we will all be better off.
Richard Earey, Redbridge

I'm not particularly well informed when it comes to finance - I leave that kind of stuff to my wife - however, it is clear to me that credit companies and banks allure simple minded people into taking out loans which appear to have small APR's, but don't make it clear enough that they are securing the loan on their houses! Also, people are living beyond their means if they require bank loans in order to go on holiday or buy a nice car.
Kris, Edinburgh

Credit cards must be one of this modern day worlds' societies biggest killers Jimmy, Isle of Man

Bring us back to the good ol' days when people would look at how much they earned in a week and then decided on how much bread, milk, eggs, coal and logs they should buy for their family to see them through until next pay day - instead of today's society which seems to be insistent on buying the best bread, the best milk, the best eggs, the choicest coal and logs, but then put them all in the back of their newly acquired top of the range Ranger Rover, get back to the house, eat their food drink their wine, and then decide where their next 5 star holiday is going to be, all on the back of a 19% APR credit card! Credit cards must be one of this modern day worlds' societies biggest killers - in more ways than one..
Jimmy, Isle of Man

What confuses me is why those less able to pay, those with a less than perfect credit score, (what ever that is), have to pay higher interest rates on loans. What confuses me is why mortgage lenders lend out money and then the interest rates are increased to reduce borrowing; why not just restrict it at source, before it is lent, instead of increasing pressure on those who borrowed chasing prices that are inflated in part by the availability of the money? What confuses me is why cheques take so long to clear and money spends so long in "limbo", earning interest for someone else.
David R, Plymouth UK

As a former bank cashier I have come across many people that cannot write a cheque. Also there were some people that were unwary of security. For example people with signed blank cheques in a cheque book. If that cheque book was found, people can write cheques to themselves and put them in their own bank accounts.
Helen, Leeds

The complexity of the financial industry does have a purpose - it allows banks and credit card companies to make gigantic profits at the expense of the rest of us. Knowledge of maths is of little use - recently, a mathematics professor was called in to try and decipher how the interest is calculated on mortgages. And by the way, can someone PLEASE tell me what APR means - I'm still in the dark about that one.
Lloyd Evans, Brighton, UK

90% of the customers don't have a clue what they are getting into Ashley, UK

Yes, I strongly believe that schools should provide finance lessons. I work in the business of mortgages and when we go to close them I would say that 90% of the customers don't have a clue what they are getting into. Financial information is out there. We just need to start advising consumers at a early basis.
Ashley, UK

I know how to earn it, I know how to spend it. What's confusing about that?
Graham Rodhouse, Helmond, The Netherlands

Financial services are actually pretty easy to understand. Unfortunately, the people who market these services like to make them SEEM complicated because (a)this makes them look important, and (b)it keeps them in work. And no - don't start teaching even simple finance in schools; teachers and their students seem to have more than enough trouble coping with the fundamental principles of three Rs.
Chris B, Bedford, England

The complexity in most financial products is often cause by trying to be tax efficient, and are hence a product of a too complicated tax system. Anyone want to help me out with my capital gains tapper?
Brian Blackmore, Coventry, UK

I do believe more is being done to put things into plain English Tim, Cheltenham, UK

I work at a Financial Services company and I have to admit that I still find the jargon confusing. However, I do believe more is being done to put things into plain English. But there is only so much you can dumb down - people do need to be responsible for educating themselves on financial matters.
Tim, Cheltenham, UK

Of course they make it confusing - simple would mean people could see when they are being cheated. Financial products are not sold for our good. A bigger state pension is better than gambling on a private company.
Mike, London, UK

I am an Independent Financial Adviser and would always urge people to take advice. It does not necessarily mean that there will be a cost, and it may clarify any confusion. Ask a friend / relative who has received good quality advice for a recommendation.
Nic Abarno, Watford, Herts

I find APR confusing, I had thought that it was a combination of interest rates and any charges made, a couple of months ago we had a visit from a salesman (from a reputable company) who tried to say that their APR looked so high because it also included penalties for non payment, hence an APR of 20% was more like an interest rate of 8.5%. All very confusing.
Ben, Coventry

Neither governments nor consumer groups can protect the public from themselves Neil Shillito, Norwich, UK

As an adviser I would be the first to concede that the world of finance can be confusing and difficult to understand. I also acknowledge that the sins of the past should not be repeated and that providers of financial products and the advisers have a responsibility to ensure that the clients' interests are paramount. However it has to be said that neither governments nor consumer groups can protect the public from themselves and that there has to be some element of individual responsibility.
Neil Shillito, Norwich, UK

I did a degree in finance and economics and there are plenty of things I don't understand. However my own finances are not one of those things. Mortgages etc can be complicated but spending is very simple. Spend more than you earn on a regular basis and you'll end up in debt! What kind of idiot can't understand that?
Lianne, Manchester

The biggest problem this country has is our huge number of debt-addicts. We would never give an alcoholic a drink - yet those who fail to manage their finances, and then end up with county court judgements, can still borrow money very easily. Unfortunately these ill-advised people borrow at ridiculously high rates, and put the country even more in debt.
Sarah Henry, Robtown, Herts, UK

I'm confused because about half my salary goes missing between my employer's bank account and mine. I'm told some Scots bloke called Gordon knows what's going on.
Neil, Surrey, UK

People have a lot more choices than in the past Jean, London, England

I think that there is a greater range of financial products and services than ever before. Although this can be confusing, people have a lot more choices than in the past. Of course we need to get more information on what is available to us, this is readily available - but much of this is common sense. I don't think that children need to be given financial lessons - they will have find out what is best for them when the time is right.
Jean, London, England

I'm an actuary and the most valuable part of my education dealt with financial instruments and compound interest. I do believe that compound interest and investing should be part of a basic education. It doesn't have to be dull - students can "invest" in an imaginary portfolio at the beginning of the year and see where it is at the end of the year.
Regina, Kansas, USA

I thought that confusion was all part of the plan. If these things were made simple to understand, people could do it themselves, rather than pay someone else to. Here's a related point - if I go to a financial advisor to arrange some kind of insurance policy, that advisor will get commission form the provider. But if I arrange the policy directly, can I claim the commission? I rather doubt it.
JonG, Huddersfield UK

I'm trying to re-mortgage at the moment. The APR figure was supposed to clarify things right . So how come I see figures like 3.99% (6.2% APR) from one lender then 5.70% (6.1% APR) from another !. As for tax returns - we all need to go back to school to fill those out.
Robert, London, UK

We do need to take back some responsibility for our own actions and decisions rather than blame product providers Colin, Cirencester England

Financial products and services are becoming ever more complex and harder for the ordinary consumer to understand. As financial products become more complex our faith in advisers and those who sell the products is falling - the mortgage endowment scandal, the pensions rip-off, the split-cap investment scam. So yes, money management could be simpler - if the government made the tax system simpler! Most investment and savings products are designed to take advantage of tax breaks. But we also need to take responsibility and use our common sense - credit card companies are out to peddle expensive loans - which you shouldn't take on if you haven't got a good salary. We do need to take back some responsibility for our own actions and decisions rather than blame product providers all the time.
Colin, Cirencester England

Greed is the only reason why people get into debt. Neither a lender or a borrower be!! If you can't afford to buy something how the heck to you expect to be able to afford it and pay the interest?
Ian, Edinburgh

It is a lot easier if you have access to the internet and can compare products. Though I find it disgraceful that companies can charge any APR they wish for a loan. There should be a cap on the interest that can be charged and on the fees.
Joseph Wilkinson, Whitehaven, UK

A few years ago I had no idea about mortgages, endowments etc until I went to get one. If I didn't know what something was, I asked about it until I was satisfied I knew what I was getting into. I also knew that as I was borrowing money, it wasn't for free and that I would have to pay it back plus a bit extra. Most banks have Financial Advisors/Planners who can give advice. The best advice I can give is that if you are unsure of anything financial - ask!
Alastair, Edinburgh

Credit is useful but equally very dangerous if not used wisely - I now owe in excess of �20k, a problem I brought on myself, and am dealing with myself, but certainly not helped by being offered credit at every turn. As for pensions - other than my NIC I am not currently paying into any scheme - I don't earn enough to be able to afford to, and until my debt is cleared I can't see it changing! Individuals need to take responsibility for their own actions, but equally clearer information and advice should be on offer
Maudie, Nr Tenby, Wales

I didn't have a clue what the process was or even where to start Alex, Surrey, UK

We applied for a mortgage not so long ago and now own a house. I found it very confusing, too many people involved. Advisers, solicitors banks - all making your life a living hell! I didn't have a clue what the process was or even where to start. Yes things like this should be taught at school, something more realistic to prepare people for real life situations. Unfortunately my school was more concerned about wearing the right coloured socks than actually teaching anything useful.
Alex, Surrey, UK

In fact when I was looking into buying my first house last year I discovered that mortgages (and indeed all the other parts of the house-buying process) were a lot simpler than I assumed, which was quite gratifying! I'm not sure about schools providing financial lessons. On the face of it, it sounds like a good idea, but given how long it will be until most pupils are likely to be able to afford to fund mortgages and pensions, will it be of use? It will probably all change by the time they get there, even if they do remember lessons from so long ago!
Stephanie Clarke, Cambridge, UK

What people find most confusing is how you can pay into a fund for many years only to have it all evaporate in a puff of corporate 'shortfalls' or other such incompetence.
Robin, Birmingham, UK

No-one looks after your own money as well as you do. So if you don't want to be ripped off, you need to learn. As for schools teaching people, I think you'll find it's called Maths......
Sam, Blackpool

Sam, Blackpool - there's a lot more to managing money than arithmetic, and that is where many people fall down. Schools could do with teaching students basic financial awareness. Specifically, how to keep control of your spending, how to budget, exactly how credit works, and the importance of reading the small print. Whatever happened to Home Economics? It was originally supposed to be about managing the household, not merely cooking!
Simon, Derby, England

If there can be a ban on cigarette advertising, why not on loans? Tempting people into buying a better car or going on holiday by getting a loan is immoral. People should be taught to live by their means. If you can't afford it you can't have it - no jargon required.
Neil Shore, Leeds

I agree with Neil Shore that people need to learn within their means. However, I do believe that personal responsibility needs to be taught as well. The person that signs the dotted line has been tempted to do so, but ultimately it's up to them whether they get into debt or not.
Helen S, Bucks, UK