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Countries in Comoros

A significant number of Brits are unsure of the value of the pound compared with other currencies, as almost a quarter of UK residents think the euro is of more worth than the pound.

The findings suggest a worrying lack of awareness about foreign currencies among British citizens

Out of those involved in the survey, 23% believed they could buy more of the euro than the pound on foreign exchanges.

The research also highlighted that more than one million people think the euro is worth less than forty pence.

Approximately 2,000 people were involved in the research conducted by Sainsbury’s Bank, which found a considerable number of Brits are confused over what currency is adopted in different countries around the globe.

According to the survey, a fifth were close to purchasing the wrong currency when visiting Turkey as the respondents assumed Turkey used the euro rather than the Turkish lira.

Despite the current eurzone crisis dominating news headlines, over 2% said they thought Spain still used the peseta currency and not the euro.

Meanwhile, 18% admitted that they thought the euro was the currency used in Switzerland, which in fact used the Swiss Franc.

David Barrett, Sainsbury's Bank Travel Money Manager, 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.

The survey indicates that Britons are more than five times more likely to think that the euro is the currency of Croatia, as opposed to identifying the currency correctly as the Kuna.

“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. Knowing how the currency you need stacks up against the pound will help you to avoid confusion and overspending.”

Individuals going on holiday should establish the currency before changing currency or getting a travel card.

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