Just over half of the UK population know when the Euro is being launched but knowledge of the new cu...
Just over half of the UK population know when the Euro is being launched but knowledge of the new currency is still very limited, according to a new survey.
Research conducted for Cater Allen shows 58% of those over 35 correctly identified that the Euro will be launched on January 1, 2002, however, a look at the regional breakdown surprisingly shows Brummies knew more about the changes than the Londoner.
According to the survey, 70% of people living in Birmingham knew when the Euro is being launched, however, Londoners clearly still need educating as only 42% gave the correct answer.
More worryingly, says Cater Allen, only 21% of the UK population know that all other European currencies will cease to be legal tender from February 28, 2002.
Additional research by Cater Allen suggests four in ten of us have European foreign currency lying around at home, and that the sum of this money in total is worth around £410m, or around £40 to each household.
Understanding of which counties are "in" the Euro is also mixed.
Germany and France are largely recognized as entering the single currency next year, but knowledge about countries such as Ireland, Switzerland and Greece is patchy.
Again, knowledge about this was greater among the over 35s and people living in the West Midlands.
Antonia Blake, head of marketing communications at Cater Allen, says research tends to suggest this is another area where intermediaries can advise their clients.
"Whilst this research shows that many in the UK need to pay more attention to the Euro and the effect it is going to have on their holdays. Business trips and business transactions," says Blake.
"It is the case that the 'clued up' individuals and companies are seeking the advantages of holding money in Euros to ease travel and avoid exchange rate charges and fees. Professional advisers are ideally positioned to advise both individuals and small businesses on the merits of holding money in a Euro account."
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