By Daniel Hunter
Britons lack confidence about their ability to make an on-the-spot currency conversion in their heads, a new report claims.
According to findings from prepaid currency card company Caxton FX, almost one in four stated that they wouldn’t be able to convert a price accurately if needed, while one in five said they could only manage converting amounts of up to €50 in their head.
An additional one in five said that they wouldn’t be able to convert any amount in their head at all.
When asked to compare different currencies, more than half of baffled Britons “didn’t know” the country which had the best exchange rate with the pound.
Only a fraction correctly identified Morocco, with the majority guessing it was Turkey.
That’s not the only thing that British people are struggling with, as almost three out of four adults couldn’t even identify the currency of some of the most popular holiday destinations.
The countries that most people struggled with were:
1. Croatia — Kuna
2. Morocco — Dirham
3. Bulgaria — Lev
4. Egypt — Egyptian pound
5. Turkey — Lira
The survey also revealed that over half of people did not know whether €0.50 or $0.50 was worth more in pounds.
This lack of knowledge will leave holiday-makers vulnerable to overspending on their holidays, especially if they are under the impression that their money will go as far in Europe as it would in the US.
“For Britons who are planning a trip abroad, it is essential to know what the currency is in your holiday destination and to have a rough idea of its value compared to the pound,” said James Hickman, managing director of Caxton FX.
“It’s much easier to get caught out with expensive purchases if you’re not really sure of the exchange rate which could mean that you come back from holiday to some surprising bills.”
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