Survey reveals financial ignorance

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Survey highlights financial ignorance A new survey on personal finance from Vanquis, the credit card and loan provider, has found that only one in three British people know the rate of VAT and fewer know how much you can invest in an Isa. The survey also found that 80% of people could not identify the correct definition of an annual percentage rate (APR) and nine in ten did not know the rate of NI contributions for an employed, basic-rate taxpayer. The question which stumped the most people was how much can usually be borrowed on a mortgage as a multiple of income – with only 5% correctly identifying the figure as 4.5 times the borrower’s earnings.

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