Abbey positive about savings announcement
www.moneynews.co.uk > General finance > Abbey positive about savings announcement
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Money News |
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Abbey positive about savings announcement
Mon 10th Sep 2007
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The bank recently conducted research which found that a full ten per cent of Brits would do poorly in a personal finance exam, scoring beneath 40 per cent.
A survey conducted by the bank discovered that 86 per cent of Britons were unaware that they had six weeks to pay back money borrowed on a credit card before interest starts to be racked up.
Barry Naisbitt, chief economist at Abbey, commented: "Using CTFs as a way of encouraging interest and learning about financial education is a clever initiative that will help to both educate and maintain a strong level of long-term interest in CTFs."
As a result of the scheme, children who see their CTFs pay dividends will realize how to save and make a "nest egg work in their favour", he added.
Currently, the overall level of debt in the UK is over one trillion pounds, according to statistics from the debt charity Credit Action.
Related News : General finance |
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Related News : Santander |
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