Interest Rates

Interest Rates

Interest Rates

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This is very worrying about Interest Rates.

70% of Brits can’t state what the current Bank of England Base Rate is, according to new research from a major online money website.

Just 1 in every 100 Brits understands how a hike of the current 0.5% rate would affect their mortgage repayments.

23% of respondents said they didn’t know how it would affect their pay packet, and 41% believe their pay would not be affected at all.

And when asked what the term ‘interest rate’ meant, 55% admit to not knowing at all, while 8% believe it is the value of how much interest their bank has in them. Very worrying…

81% of 18-24-year-olds did not understand the term ‘interest rate’, compared to 57% of 45-54-year-olds.

40% of men were able to identify the current Base Rate compared to 25% of women, and 32% of women admitted their partner is more knowledgeable on the topic, compared to just 7% of men.

When asked who in their household was the most knowledgeable about rates as a whole, 43% claimed it was themselves – yet the majority of people who answered this way (63%) actually got the current rate wrong, or didn’t know it at all…

There was also a clear gap between different areas of the UK – People in the South West were the most knowledgeable, with 45% of respondents correctly stating the Base Rate, followed by 35% in the South East and Northern Ireland. However, only 14% of those in Wales were able to provide the right figure, the lowest of all the regions surveyed.

A spokesperson for the website said: “…we’re encouraging people to take control of their finances today and learn how any future changes could affect their money”.

And here, at Step-Up Loans, we agree.

“The Bank of England Base Rate is the official interest rate set by the Bank of England’s Monetary Policy Committee. Banks and Building Societies use the Base Rate to calculate interest rates for some mortgage and loan products. The Bank of England Base Rate is currently 0.50%

All clear?

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