It must be fair to say that there are very few people in this country who truly understand the full range of financial products that are available through banks and other financial institutions. Indeed, ask them about IVAs or equity release plans and trust me, the eyes will glaze over and the frown lines will definitely deepen on the forehead.
This cannot be a good thing and could mean that many people are losing out on certain plans and products that may be entirely tailored for their particular circumstances. Of course, they could always turn to a financial advisor for assistance and advice in this regard, but to be honest, a lot of people feel embarrassed by approaching professionals like this as they do not want to come across as being misinformed.
This is where some banks and other financial companies have started to realise that there is a definite demand for software that will help to educate customers and potential customers of the products they offer. One such example is the Halifax Retirement Home Plan which offers help in understanding how such an equity plan may be of assistance to someone in retirement.
Such software could provide invaluable support for people that are currently struggling with their finances. If the avenues for relieving debt problems were available in a simple software package, this would save millions of pounds in legal aid support and would prevent people from getting into even more debt, when they approach companies that are irresponsible in dealing with it.