Younger people are not particularly clued up when it comes to savings accounts, according to recent research.
Conducted by HSBC, the study found that 89 per cent of people aged 25 or younger did not know what the interest rate on their savings account was. A further 65 per cent were unable to state what their current balance was, while 14 per cent admitted to never actually checking their savings accounts.
Peter Bull, head of HSBC in the community, stated that it is “never too early for young people to begin to learn the basics of managing money and the importance of budgeting and saving”.
Despite the problems identified among younger people, the survey noted that the majority of savers in the UK could work harder to keep up with their finances. For example, 78 per cent of all ages don’t know the interest rate on their account, while 58 per cent were unaware of the balance on their account.
Meanwhile, men were shown to be slightly more on the ball, with 70 per cent regularly checking their balance, compared to 62 per cent of women. Awareness was also higher among men, with 28 per cent knowing the interest rate on their account compared to just 13 per cent of women.
