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Graduates Take Relaxed Attitude to Banking

Published: Wednesday, 18 April 2012   Category: Graduate jobs

A survey by HSBC has found that a large number of graduates are unaware of the correct interest rate on their savings account.

Over 5 million people aged under 25 don’t know how much interest is on their savings accounts. HSBC found that approximately two thirds of young savers do not even know their current balance, while a further 14% admit to never checking their savings at all.

However, despite a lack of interest in what’s happening with their bank accounts at the moment, those aged 25 and under seem to be focused on the future. 22% of them are aiming to save compared with just 12% of over 55s.

“HSBC believes 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,” said
Peter Bull, Head of HSBC in the Community.

Saving apathy spreads across all savers as more than 70% of Brits don’t know the interest rate of their accounts, while over 50% don’t know the balance of their savings account.

Regional variation shows that Londoners are least likely to know the interest rate on their savings accounts, while people in the Midlands are most likely to know exactly how much interest is adding to their savings.

However, if you stray a bit further north you are less likely to know your savings balance. The research found that Yorkshire savers are left a little in the dark when it comes to counting the pennies.

40% of savers in Wales say they rarely check their savings accounts while savvy Scots are most likely to check regularly, with approximately three quarters (75%) of savers saying they check their accounts often.

The findings point to a worrying trend among young graduates, many of whom may not be able to find work at the moment as well considering the fragile state of the graduate jobs market.

Are you a graduate who is not fully aware of your bank account interest rate or balance? Do you think it matters at all?

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