Home » Finance » Personal Finance

Free Fivers Go Unclaimed By Cynical Brits

Jun 9, 2008
A new stunt designed to illustrate the extent of many Briton's unwillingness to improve their financial situation has shown very few consumers on the streets of London and Manchester were willing to capitalise on the offer of a free five pound note.

Price comparison service moneysupermarket organised the campaign to demonstrate the financial inertia that is evident among many Britons. Wandering the streets of the two cities yesterday, the group encountered around 1,800 consumers while donning a sandwich board offering the free notes. However, despite this prominent display of free financial assistance, just 28 passersby took the time to take up the offer.

The group asserted that even when people did claim their prize, interest remained unsparked among many onlookers.

"This exercise reveals a fundamental inertia which is stopping people from making sensible financial decisions ... This was a completely genuine, no strings attached offer. People simply had to approach the sandwich board wearer and ask for a fiver. If more than 98 per cent of the people who passed by couldn't be bothered to do that, it raises some interesting questions about what needs to be done to persuade people to make an effort to improve their financial position," said Tim Moss, head of loans and debt at moneysupermarket.

Males were seen to be more intrepid in making a claim for the free cash, with all but seven of those who took the reward in Manchester said to be men. This finding was backed up by research carried out by the group which showed that while 41 per cent of men suggested they would not claim the money if it was on offer, nearly two-thirds of women (64 per cent) said they would decline.

When asked the reasons behind the decision not to take up the free money, six in ten said cynicism would hold them back from approaching the small-scale philanthropist. Meanwhile, one in ten said they would be too embarrassed, while three per cent said they did not think five pounds was a high enough sum for it to be worth the effort.

Offering advice to Britons who seem unwilling to improve their financial situation, the group suggests that credit ratings should "be protected like the crown jewels". It encourages consumers to make sure electoral roll details are correct and ensure that payments on items such as personal loans and credit cards are carried out on time. For those who have had their access to loans restricted due to a poor credit history, taking out a bad credit loan may be of assistance. In choosing this sort of lending product, people may find they are able to meet the rising cost of living more easily.

Getting a current account that pays more than five per cent in interest is also recommended as a prudent course of action for many Britons, with the group suggesting that the majority of consumers have an account that pays out 0.1 per cent or less. Obtaining a credit card which offers zero per cent on purchases for at least nine months is also suggested. However, for those who have found it increasingly difficult to obtain backing due to an unfavourable financial history, taking out a bad credit loan may prove useful.

Taking out an adverse credit loan may also be an advisable course of action for a growing number of people after research demonstrated that average loan rates are continuing to rise despite efforts to cut interest. According to findings from MoneyExpert released in May, the average rate for a loan of between 5,000 and 7,000 pounds has increased by an average of one per cent in the past six months.
About the Author
Steve Smith writes for the 1 Stop Finance Shop where you can apply online for debt consolidation loans. We specialise in all sorts of personal loans, and secured loans with online application.
Rating:
Please Rate:
(Average: Not rated)
Views: 306
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources