Around a third of consumers lose out financially through a failure to read or understand small print, according to new research.

The research, commissioned by Saga, also showed that 47% of those surveyed admit to not always reading small print that commits them financially and 20% to never reading it at all. Reasons include too much text and excessive financial jargon, But a quarter said it is just too boring.

Over half (55%) rely on their financial adviser to point out the important elements within the small print.

Andrew Goodsell, managing director of Saga Services, said: "We are appalled at the research findings. They clearly place a responsibility on the industry to intensify efforts to use simple English."