Brits confused over value of the euro
02 July 2012 18:30:50
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| Brits taking euros to Switzerland are in for a shock. |
23% think €1 is worth more than £1
New research from Sainsbury's Bank Travel Money shows just how ill-informed the UK public is about the most widely used currency in Europe. £1 is currently worth around €1.25, meaning that sterling is worth more than the euro. But the study found that almost a quarter (23%) of Brits believe the euro to be worth more than the pound.
Brits also lack awareness of euro users
The survey also found that people are not particularly clued up on which holiday destinations now use the euro. For instance, 18.1% of respondents wrongly thought that Switzerland has the euro as its official currency, when the country actually uses the Swiss franc. Over 1 million Brits still think that Spain uses the peseta, which has been out of service since 2002. And 20.7% of survey participants (equivalent to around 9.8 million people) told researchers that Turkey uses the euro, when in fact it still uses the Turkish lira.
Check currency before buying
The findings suggest that many people need to do some thorough homework before buying their travel money. While those who try to order pesetas will soon realise their error, holidaymakers could get all the way to Switzerland or Turkey with a pocket full of euros before discovering their mistake.
David Barrett, manager of Sainsbury's Bank Travel Money, said: "It is surprising that there appears to be so much confusion about the value of the euro and also around which currency is used in a number of countries. We would urge anyone planning a holiday to swot up on the local currency before they go - by searching online or going to your local travel money bureau."
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