‘’Around 74pc of people with a mortgage admitted they did not know how a 1 percentage point rise in the Bank of England base rate would affect their monthly outgoings, according to the newly formed Consumer Financial Education Body (CFEB)’’
The Daily Telegraph reports that “more worryingly, 15pc of people do not even know what type of mortgage they have, such as whether it is a fixed-rate deal, which would make them unaffected by an interest rate rise, or whether it is a variable-rate one, meaning their monthly payments would go up.”
The article concludes that ‘’lack of time means many of us often put off reviewing our finances, but it doesn't have to be time consuming to keep on top of your money matters."
This last quote is one of the driving forces behind Money to the Masses. Our site is full of information and advice on money matters which everyone will find helpful. If you want to take control of your finances, but feel you don’t have the time to do so, then start by signing up to our free weekly email. We’ll then send you a weekly round-up of all our articles which cover every area of personal finance. In the meantime, have a look through our archived posts which can be easily navigated via the category field in the left hand column. Alternatively, you can always use the search function at the top of the page. If email is not your thing, you can also follow us via Twitter, RSS or Facebook.
Finally, if you are part of the aforementioned 74% of people who do not know how a 1% rise in base bank base rates will affect their mortgage the answers can be found here.