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Financial awareness grows amongst Britons

Financial awareness grows amongst Britons

Category: Money

Updated: 24/08/2009
First Published: 24/08/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The challenging economic environment appears to be concentrating the minds of the UK public, with almost two thirds of Britons saying they are more aware of the state of their finances now than when it started.

Sixty three per cent of the population have become more financially aware and are making an increased effort to look after their accounts since the economic difficulties began around two years ago, a survey by National Savings & Investments (NS&I) has reported.

Almost half of those who say they now take more care of their money claimed they know exactly how much money is in their accounts at any given time.

A further third have a rough idea of how much is in their account and the size of their savings, give or take £50.

Women lead the way in terms of financial awareness, with half claiming to know exactly what the state of their accounts and savings is, compared to just over four in ten (41 per cent) men.

Proving the theory that older means wiser, 60 per cent of people aged 65 and over said they are sure of the exact amount in their current and savings accounts, compared to just 38 per cent of the 16 to 24 age group.

"To be in control of your finances, it's really important to keep track of your money and to make sure that it is invested in a savings account which suits your individual needs," said Dax Harkins, senior savings strategist at NS&I.

"Setting aside a few minutes a week is all it takes to review your money situation. From this point you can access your incomings and outgoings, identify opportunities for savings and make your money work as hard as possible for you."

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