Finance knowledge warning from Abbey Current Accounts

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Finance knowledge warning from Abbey Current Accounts

As the government plans to put personal finance on the school curriculum, Abbey Current Accounts has revealed that a tenth of the UK's adult population would fail a GCSE in the subject.

The bank asked people to answer questions it deemed comparable to GCSE standard and found that one in ten fell short of the 40 per cent pass mark.

However, a quarter of 'candidates' managed to achieve an A* grade, while a further 30 per cent were on course for an A.

The question most people got wrong was on how long it takes for an unpaid credit card payment to accrue interest. Only 14 per cent knew the answer is six weeks.

"While most people are in the realms of a GCSE pass almost five million British adults would fail a simple personal finance exam," said Abbey's head of banking Steve Shore.

"[It is] quite worrying given we selected questions that we felt everyone with a bank account should know."

This month, James Falla, managing director of debt consultancy Thomas Charles, said that it "can only be a good thing" if children are brought up to know how to keep track of their finances.

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