The Stroud and Swindon Building Society have surveyed 750 consumers about their knowledge of mortgages, income tax, stamp duty and individual savings accounts.
Their research found that 60 per cent of the people they surveyed realised that it was the buyer who is responsible for paying any stamp duty. 70 per cent of people thought that a current account mortgage was not a real mortgage product. Positively, 73 per cent of people did know that if you earned £25,000 a year, then you would pay income tax at a rate of 22 per cent.
Our view
Finance will never be a central conversation topic amongst friends as people are guarded about their own wealth whereas they are happy to talk about football, women, men and celebrities. Low key stealth education such as recent programs about paying off mortgages early demonstrate what can be done with your money when used wisely.