‘Read the small print’ is the cliché warning given to people taking out any financial product – yet many can’t get past the jargon. The complexity of the language and insufficient education mean people are more likely to rely on assumptions or avoid money management altogether. For example, the majority of those who don’t buy travel insurance are mistakenly convinced that their bank account already includes it.

Although 64% of Americans say that money is a source of stress, the perception of banks as greedy and uncaring makes it difficult for them to connect with customers who could use their support. So, how can the sector as a whole help those who are prone to spending more than they can save?

Research shows Britons are not confident about the meaning of most financial terms. As people struggle to grasp financial jargon, there is a need for these institutions to design more inclusive and easily accessible financial packages, which have a greater emphasis on simplicity.

During the 2018 World Cup in Russia, Italians set a new record for gambling expenditure on a single sporting event. The country’s passion for sports betting has been growing steadily since 2014, despite people’s financial difficulties and the national team's failure to qualify for the tournament.