Financial illiteracy 'costs £3.4bn'

AOL Money Staff
Pensioner with paperwork
Pensioner with paperwork

A "disgraceful" lack of financial education is costing the UK around £3.4 billion a year, a report has warned.

The cost to the taxpayer of subsidising the retirement of people who have not saved enough for their later years could be slashed by a third if more were done to combat "financial illiteracy", the study for consumer help website MoneySavingExpert said.