UK consumers are being urged to check their piggy banks, jars and sock drawers for European coins an...
UK consumers are being urged to check their piggy banks, jars and sock drawers for European coins and currency and cash it in quickly after a survey revealed there could be around £540m in European currencies just lying around in UK homes.
A study conducted by NOP for Barclays Bank points out that with just six weeks to go before the Euro is introduced and less than four months to go before pre-Euro currencies are no longer legal tender, most consumers have yet to cash in their old currency which is thought to be worth around £35 to the average household.
According to the survey:
70% of people say they knew some sort of change was due, but they do not know enough about the arrival of euro notes and coins, and what it means for them;
69% of UK adults travel to countries that will switch to euro notes in January, and
Only 52% understand that euro notes will replace existing European currencies.
Mike Watts, Barclays Euro Programme Manager says:
"The survey has produced some surprising results, which show that although there is a considerable level of interest in the introduction of euro notes, there is still plenty of work to be done before people know exactly hot it will affect them.
"People should be aware that although they have plenty of time to make their minds up about what they want to do with any legacy currency they may have, or what they plan to do if they are going to one of the 12 eurozone countries after the New Year.
IFAs are being advised to briefly remind their clients of the introduction of the Euro on January 1, and the withdrawal of the 12 european currencies at the end of February as legal tender.
All banks, building societies and exchanges will accept European notes until the end of February, however, they will not accept coins.
Some UK banks and building societies are collecting European coins for charity.
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