30 August 2007
Nearly half of Britons say they are concerned every month about the effect that possible interest rate rises may have on their finances.
According to research commissioned by Intelligent Finance, part of the Halifax group, 41% of Britons claim they are 'worried' or 'extremely worried' about potential base rate increases.
Four in ten 18-24-year-olds admit to being worried by the impact of changes to interest rates, while one in ten say they are 'extremely worried' about prospect of a rate rise.
The findings come after the Bank of England Monetary Policy Committee has raised interest rates five times in the last year, up to the present level of 5.75%.
Mark Parker, Managing Director, Intelligent Finance said that it is important for people to consider the effect rate rises may have on secured and personal loans as well as mortgage rates.
"With interest rates on the rise and purse strings tightening, it's important to make every penny work as hard as possible," he advised.
Men seem to be less concerned about upcoming rate rises than women, with twice as many women claiming to be 'extremely worried' by interest rate increases than men.