Understand Inflation and Tax _ Barrier
Published / Last Updated on 02/09/2008
Understand Inflation and Tax - Barrier
According to research by National Savings and Investments, nearly a third of British savers do not understand the effects of inflation and tax on their savings. The government savings agency’s survey of 1000 British adults in May found that 31 per cent were not aware of how inflation impacted on their savings and nine per cent did not know what inflation was.
More than a quarter of those asked – 28 per cent – did not know that their tax position affected their savings. Levels of knowledge did increase with age, for example, 45 per cent of 16 to 24 year olds surveyed did not understand how tax affected their savings, but 16 per cent of 55 to 64 year olds fell into this category.
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