Did you know that nearly 50% of people don’t know the difference between a Cash ISA and a Stocks and Shares ISA – even though not knowing could be costing them dearly (we’ll come to that later!)?
That and a whole lot of other fascinating facts about money are listed here…take a look….you can impress your friends down the pub!
1. Paper money began in China
Merchants who didn’t want to carry around heavy copper coins exchanged privately issued bills instead.
However the first case of the paper itself actually being the money came about during the Song Dynasty in the 11th Century after a copper shortage.
The Chinese had been exchanging paper money 500 years before the practice became widespread in Europe during the 16th Century, and had even suffered a financial crisis because of high inflation!
History lesson over…for now!
2. The top 1% wealthiest people in the world have 50% of the world’s wealth
Worse than that, the 80 richest people in the world have the same amount of money as the bottom 50% of the world!
3. London has the most ultra high net-worth individuals
There are over 4,000 of these families living in London – which means it’s something of a hotspot for the 1%!
4. There really is a 100 trillion dollar note
During a period of intense hyperinflation in Zimbabwe, where a loaf of bread could cost $300 billion, a $100 trillion note was produced.
However there are big money English notes which are worth exactly what they say they are worth. These notes are called Giants and Titans.
A Giant is a £1 million note – imagine finding one of those on your way home from work!
But if you have a Titan, £1m is just chump change – a Titan is a £100m note!! (I’ve run out of exclamation marks.)
They exist to ensure the value of the Scottish and Northern Irish notes, for each note they print in their own currency they have to deposit the same value in sterling with the Bank of England.
These notes aren’t in circulation and they are guarded very careful, but maybe that’s for the best – till workers lose their mind if you pay with a £50 note, so goodness knows what this would do to them.
5. More Monopoly money is printed each year than real money in the U.S.
This means that Monopoly is printing 30 times the amount of money that the U.S. is!
6. UK adults are over £1.4 trillion in debt
This is an extra £537 per adult compared to the same time last year!
7. …and the average UK adult is over £28,000 in debt
This is worrying as the average salary is £25, 948, meaning the average adult owes more than they earn in a year!
8. Cornwall and the Isles of Scilly have the highest bankruptcy rates in England
These are followed closely by Northumberland and Devon.
It does seem to be rural areas that are suffering the most from bankruptcy, with seven of the ten counties with the highest rates of bankruptcy set in the countryside.
9. 30% of UK households have no savings at all
A further 20% have less than £1,500 to cope with an unexpected emergency before going into debt.
Even more worryingly, a quarter of households would be unable to pay a mortgage rise of £250 a month without going into debt!
Click here to visit our save money section with lots of money saving tips.
10. Over 13 million people are living in poverty in the UK
There’s no one definition of poverty, but a standard definition is 60% below the average national income.
11. Over £19 billion of benefits and tax credits go unclaimed each year
They say 78% of people on low income are missing out on means tested benefits because they do not believe they would be entitled to them and the vast majority of people didn’t even know that charity grants exist.
If you’re not sure what benefits you’re entitled to, visit Turn2us and use their benefit calculator tool.
12. The first ATM machine was installed in 1967
The ATM was the brainchild of Scottish inventor John Shepherd-Barron, who came up with the idea whilst in the bath!
He pitched the idea to Barclays and the machine, once built, was installed in London in 1967.
13. There are BIG differences between cash ISA and Stocks and Shares ISA returns
Fidelity Personal Investing calculated that if you had invested £15,000 in a regular cash ISA in February 2005, you would end up with £16,321.36 by February 2015.
However, had you invested the same amount in the FTSE All Share Index using a Stocks and Shares ISA, you would end up with £31,889.69. That’s a difference of £15,000!
14. By saving just £300 a month, your child’s pension could be worth £1.03 million
If you saved £300 a month for your child from birth until the age of 18 in a good Junior SIPP, your child’s pension could be worth £1.03 million by the time they retire even if they make no further contributions (retiring age 65, assuming a 5% annual return.)
15. Planning for their financial future is the thing Brits are most likely to delay
On average, Britain spend eleven hours a week procrastinating, and planning for their financial future is the thing most Brits delay (followed closely by exercising, chores and dieting) according to a survey by Beagle Street.
Common distractions include television, social media and going to make a cup of tea.
16. 3 million 20-34 years are living with their parents
The increase in people renting and saving up large deposits for a house will make it harder for younger people to save towards other things such as their pension.
17. The trend for children to earn more than their parents ended five years ago
Another depressing fact, children stopped earning more than their parents five years ago – and many are ending up worse off.
Even those successive generations who did earn more than their predecessors spent more, meaning they’ve saved very little.
18. Every bank note is contaminated with cocaine
That’s not all, did you know there are more germs on a £1 coin than on a toilet seat? Or that the average banknote has over 26,000 bacteria on it?
The lesson here is clear, wash your hands after handling money – dirty money indeed!
19. In 1945, 12% of British notes were fake
In an attempt to destabilise the British economy during the Second World War, Nazi Germany produced a large amount of fake British notes.
The British government responded by introducing the metal thread and stopping its production of higher value bank notes.
Thankfully fake notes are a lot less common now. In 2014, 430,000 fake notes were taken out of circulation – all together they had a value of £8.1 million. This, however, is a tiny percentage of the 3 billion real notes in circulation.
20. A woman will soon feature on a dollar note for the first time in 150 years
The US Treasury has revealed that a woman will feature on the new $10 bill in place of Alexander Hamilton.
This is the first time a woman has featured on a dollar note for 150 years. So much for equality.
Which woman it will be has, at the time of writing, yet to be decided.
You’d think putting a female on a banknote would be uncontroversial but a woman who campaigned to have Jane Austen on the new £10 banknote was subject to nasty and abusive Twitter comments, including rape threats.
UPDATE: Alexander Hamilton will stay on the front of the $10 bill, and Harriet Tubman will boot Andrew Jackson from the face of the $20.
21. Monkeys are risk averse
Humans aren’t alone in being like this – a recent study, featured in the Journal of Political Economy, has found that monkeys are risk averse too!
The experiment involved giving a group of Capuchin monkeys a currency (in this case coins) and allowing them to exchange that currency for food.
The monkeys are given a choice whether to accept the amount of food present at that moment or to wait for the experimenter to alter the amount of food – it might be more, it might be less.
It was found that the Capuchin monkeys tended to opt for the amount of food present rather than take a risk.
It was also found that if the value of the food decreased, the monkeys would buy more, showing how much of our reaction to finance maybe innate and a result of our evolution.
Did you find these facts surprising? Maybe you have an interesting fact you could share? Let us know in the comments below.