Finance and financial products have become far more complex and confusing and as we have seen over the last year or so, even the banks themselves don’t fully understand what they are doing.

So, it is hardly surprising that the average man or woman in the street may not fully understand what financial products are available or which are most suitable for them. This makes us all potentially very easy customers to sell these things to.

When we are confused a financial salesperson will attempt to shine some light on the problem but if they are working for a particular finance company or bank they are likely to only show you their own company products. They may advise you on what is the best of the range they have on offer but there may be others on the market that would be a better deal for you.

Independent financial advisers are able to offer a whole range of financial products from many different companies so they might well suggest products that are a more suitable for you and your situation.

We often spend a lot of time sifting through different deals and offers for holidays, cars and TVs but we will often be happy to accept the first deal offered when it comes to financial products. This could be a mistake that costs us a lot of money and we should reduce that risk by getting advice from several different sources and making a considered judgement once we have a better grasp of the facts and what offers are available.

Money Magic: Seven Simple Steps to True Financial Freedom (Quick Reads)

With interest rates at the lowest they have been for centuries, savers are feeling very hard done by. They have good reason to feel that way as they have been doing the right thing. All through the credit fueled consumer boom there were voices calling for us all to save more towards our pensions and many people did continue to save for the future.

Those savers now feel they are being punished for the carelessness of others and they have a good point. Unfortunately the solution to the problems created by the madness of the credit powered consumer boom seems to mean that savers get punished more than the borrowers as they see returns from their savings drop to almost nothing.

So, is it a waste of time to save spare cash? No way. This is an exceptional period of time we are living through and things will turn around at some point. Interest rates will riseand get back to more normal levelsand what is more, I believe, the saver will become a more important and valued customer in the future.

Banking and finance have to change and governments around the world are looking to improve the behaviour of the banking industry. Politicians, with a few notable exceptions, tok credit for the consumer boom but ignored the costs and consequences which we now see all around us.

Having recognised that you can’t allow a fox to run the henhouse, or bankers to be trusted to behave sensibly where money is concerned the regulations will be tightened up and banks will become more boring places as they were once before.

The savers will once again be considered important because they will be the people providing the funds for the banks to lend out. Whereas we have had a few decades where the borrower was seen as the most important customer we may now, at last, see the saver valued, by banks and governement, as the important person they are.

Money Magic: Seven Simple Steps to True Financial Freedom (Quick Reads)