One in four Brits know more about pop culture than their own savings accounts

Research has found by many Brits could confidently name the Premier League’s top goal scorer, but couldn’t confidently give details about their savings

A recent survey by Skipton Building Society has highlighted that one in four Brits are more clued-up about pop culture than their own savings accounts. Out of 2,000 adults polled, many could readily identify the Premier League’s top goal scorer and recent Oscar nominees but drew blanks when asked about details relating to their saving accounts.

An astonishing 22% found it easier to reel off Taylor Swift’s discography and name the recent incarnations of Doctor Who. Some even knew more about last year’s Christmas number one (21%) and the winners of The Traitors in (19%) than how their savings are performing.

It’s not surprising then, that 44% of Brits admit they are in desperate need of getting on top of their finances. A third of these have no idea if they’re getting good interest rates on their savings, and 20% have multiple accounts they struggle to keep track of.

A quarter of adults expressed that they want to clean up their accounts to feel more in control of their finances. However, 16% have been reluctant to take action because they assume their money is already in the right place.

Financial guru Abigail Foster chimed in with advice, noting: “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.”

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 a sweet incentive to kick-start their ‘financial spring clean’.

The partnership resulted in 1,000 iced buns being handed out in London yesterday, urging savers to take full advantage of the ISA season.

ISA season is the period between March and April when savers are often encouraged to utilise their tax-free Individual Savings Account (ISA) allowance before the tax year concludes and a new one begins.

Aptly, the study revealed that savings are the financial area most in need of a sort through, followed by budgets and bills. In fact, one in 10 of those surveyed confessed to having completely lost track of their previous savings accounts.

While 24% check on their accounts a few times a year to ensure they’re getting the best rates, 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, head of savings and partnership products at Skipton Building Society, 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.”