Newspaper article Manchester Evening News

Confess Your Money Mistakes

Newspaper article Manchester Evening News

Confess Your Money Mistakes

Article excerpt

LAST year, I wrote a column about financial confessions: admitting to the big money mistakes you've made or the things you don't understand. It got one of the biggest responses I'd ever had.

In the spirit of that column, I spoke to the team at Resolver, friends and family and asked them for their confessions about services they use. The results were mind-blowing!

One of my team (who I'm not naming) has worked in customer service for over 20 years. Last week he called out a broadband engineer after a week without wifi. To his absolute horror, it turns out that the router connection was unplugged. His flatmate had taken the Christmas lights down and unplugged everything. The shame. Another friend of mine runs a pretty huge company and is one of the best-known and well-respected experts in her field. But she doesn't know how to work her thermostat. She didn't even know it had batteries in it until she called out the repair person. An expensive reminder to look at Don't be if you don't the instructions.

A colleague who works in the insurance industry confessed to me that he never checks his bank statements.

Which is why (after much badgering from his partner) when he finally did he found he had been paying for four separate mobile phone insurance contracts that his phone provider had 'added on' every time he'd upgraded. He got a hefty refund through Resolver too (he donated it to charity, I'm pleased to say!).

We all had a giggle about the complaints we'd made that turned out to be totally our fault (and btw, you can use Resolver to pass on comments and thanks - and confessions - to businesses too). But there's a serious point here.

There's no shame in not understanding something. In fact, we could save ourselves time, money and stress by admitting this and asking for help. For example, next month, Resolver is launching a campaign to encourage people to learn more about their pensions, a big financial commitment that few of us understand. …

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