Recent research by Citibank indicates that 81 per cent of Australians don't know what rate of interest they are earning on their savings account. The survey of 1,100 people, shows that those on a household income below $40,000 were more likely to know exactly what rate of interest they get on their savings (30 per cent) than those earning a higher income of $70,000 or more (16 per cent). This suggests lower income households need to keep a closer eye on interest rates than their higher income-earning counterparts.
Men and Women
The research also shows that 24 percent of men know exactly what interest rate they are currently earning on their savings. While for women this figure drops to 15 per cent. One in five men (21 per cent) knew the interest rate when they opened their savings account but have since forgotten. For women, the corresponding result is more than one in three (34 per cent).
Women are also more conservative than men when it comes to knowing the top interest rates available in the market. When asked for the highest interest rate on offer at the moment, 20 per cent of men said 8 percent or more compared to 12 per cent of women.