A poll of 2,000 adults found many could confidently name the Premier League’s top goal scorer and who was nominated for the best picture at the Oscars, but couldn’t confidently give details about their savings
Skipton Society tests Brits about their saving accounts knowledge
A shocking one in four Brits are more clued up on pop culture than the state of their own savings, a recent survey has revealed. The poll, which quizzed 2,000 adults, found that while many could reel off the Premier League’s top goal scorer and Oscar nominees for best picture without breaking a sweat, they’d be stumped if asked about their savings.
A fifth can effortlessly list Taylor Swift’s discography and rattle off the actors who’ve recently stepped into the Doctor Who TARDIS. Others have a better handle on last year’s Christmas number one (21%) and the victors of January’s The Traitors (19%) than on how their savings are faring.
As a result, many respondents admitted they urgently need to sort out their finances and say they say they want to organise their accounts to better control their money. One in five currently have multiple accounts to manage, but a third of them don’t know if they’re getting good interest rates on their savings and some have even lost track of how they’re doing.
Money guru Abigail Foster chimed in: “It’s so easy to ignore our savings because life gets in the way, but that could mean missing out on better interest rates and tax-free perks. A lot of people don’t realise you can transfer ISAs or consolidate old accounts to make them easier to manage and potentially earn more.”
In a bid to encourage Brits to consolidate their accounts and make their money ‘work harder’, Skipton Building Society, which commissioned the survey, partnered with London’s Bread Ahead bakery to distribute free ISA buns. This sweet gesture was aimed at motivating Brits to initiate their ‘financial spring clean’.
The partnership resulted in 1,000 iced buns being handed out in London yesterday, urging savers to capitalise on the ISA season the period between March and April when savers are encouraged to utilise their tax-free Individual Savings Account (ISA) allowance before the tax year concludes and a new one commences.
While 24% inspect their savings accounts a few times a year to make sure they’re still getting the best rates, the study showed that savings were the financial area most people thought was in need of an overhaul – this was followed by budgets and bills.
A quarter have never actually transferred their money from one ISA to another to earn more interest. They said they prefer to leave their money untouched for convenience, and 23% are hesitant to move their savings as they don’t believe it will make a significant difference.
Alex Sitaras, the head of savings and partnership products at Skipton Building Society, commented: “While many Brits recognise their savings need a spring clean, it’s clear that many don’t fully understand how simple steps, like reviewing and consolidating accounts, can make a significant difference.
“The fact that so many believe their money is already in the right place shows how easy it is to become complacent. That’s why we’re celebrating ISA season and getting people talking about how to make the most of their tax-free savings.
“This opportunity to give your savings that ‘tax-free feeling’ by reviewing your options and transferring from outdated rates.”