A staggering one in four Brits are more clued up on pop culture trivia than their own savings accounts, a recent survey has found. While many could site key pop culture moments an alarming number of the 2,000 adults polled couldn’t give a clear rundown of their savings.
An eye-opening 22% could tick off every Taylor Swift album with ease, alongside naming actors who recently took on the role of Doctor Who. In a similar vein, 21% had no trouble recalling last year’s Christmas number one, with nearly as many able to who won The Traitors back in January.
With these stats in mind, it’s little wonder that many are are keen to tidy up their accounts. Nearly half confessed they’re behind on managing their finances and a third of are clueless about whether they’re getting decent interest rates on their savings.
Financial influencer Abigail Foster chimed in on the matter, urging: “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,” she added.
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 give away free ISA buns.
In the sweet incentive 1,000 iced buns were distributed in London yesterday in an effort to get Brits to kick-start their ‘financial spring clean’.
Skipton Building Society is urging savers to maximise 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.
The study showed that savings are the financial area most in need of an overhaul with one in 10 of those surveyed admitting they having completely lost track of their previous savings accounts.
A quarter say they check their savings accounts a few times a year to ensure they’re getting the best rates, but 25% have never actually transferred their money from one ISA to another to earn more interest.
A quarter prefer to leave their money where it is for convenience, and 23% are hesitant to move their savings because they don’t believe it will make much of a difference.
Alex Sitaras, Skipton Building Society’s head of savings and partnership products, stated: “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.”
