Mortgages.scot

Although it may be seen as unexpected that younger people lacked understanding of the mortgage process the results were somewhat worse.

The survey also suggested around 33% of 35-44 year-olds had a similar lack of understanding. Although this reduced to 25% amongst the 45-54 age range it is still surprisingly high.

When you consider that the average age of a first-time buyer in the UK is 30 years and more than half are unclear around the mortgage process it suggests more needs to be done to make the process more accessible in terms of getting clear and easily understood information.

Selecting the right insurance was also an issue with 53% stating they had little understanding of the products available. I can fully understand this. Insurance is really not an easy to understand part of the financial world for consumers.

Unsurprisingly, when it came to insurance many rely on comparison sites to get what they want. But that is still a problem for the industry. In effect, the 25-34 year-olds are 7 times more likely to go to a comparison site than a broker who should be able to offer them individual financial advice to ensure their needs are fully understood and the right products chosen.

It is often felt the mortgage and general insurance markets are improving in these areas, and they are, but there is clearly much more that needs to be done.