Nov 12 2007
Millions of UK consumers are unaware of the interest rates they receive on their savings investments, according to a recent study.
Figures compiled by the Post Office suggest that close to a third of savers from across the UK do not know the rates of return on their own investments, which in many cases have been made by parents aiming to provide their children with financial stability.
The findings from the Post Office's latest study show a high level of interest rate ignorance, despite around 42 per cent of people claiming that the issue is the most important to consider when selecting a savings account provider.
Head of savings at the Post Office Richard Norman said: "There is a stark contrast between the number of people who say they look for the best interest rate, but have never changed providers."
"Be it loyalty or apathy, if people haven't kept an eye on their rate they could be missing out hugely," he added.
Meanwhile, a study on behalf of Birmingham Midshires recently claimed that increasing numbers of young British consumers are opening savings accounts of their own.
