Some interesting facts about money

As most of us will have figured out by now; money makes the world go around. Without the existence of money it would be impossible for us as individuals and a collective society to conduct our lives in a structured and civilized manner. The fist paper notes which constituted an ability to exchange tender for goods or services have been dated back to 7th Century China during the Tang Dynasty, with the first coins used in Britain dating back to around 80 B.C. Clearly the physical form of legal tender has adapted and changed greatly over the years, having moved towards and away from physical currency over its many decades of existence. Nowadays many consumers favour the use of electronic based spending facilities, whether that be in the form of contactless payment or Apple Pay to name some of the most recent spending facilities to be made readily available. What is clear is the money, in its various forms, has become a stable to the effective prosperity of our everyday lives. With such a long-standing history, money has for many years ruled and dictated how consumers manage their lives and with that fact in mind, over the years many interesting facts have come to light with regards to money and how we as consumers are ruled by it. Today then let’s look at a few of these in more detail and in doing so gain a greater understanding of how money in a broad sense governs our everyday lives. In order to establish some interesting facts concerning money, I refer to an article detailed in full on Money Magpie. Money Magpie gives consumers all sorts of online tips and guidance concerning how to better manage their finances, with the end goal being to assist in methods for saving money now and in the future. Areas covered within this online resource include up to date consumer promotions, guidance as to how to select the best possible savings account and much, much more.

Although as we know from the information outlined above, money in its many various different forms has been in existence for centuries, it was only in 1967 that the ATM was introduced in the UK. The very first ATM was installed in Barclays in 1967 having been the creation of Scottish inventor John Shephard-Barron. Since that time ATM’s have advanced to include various other services, other than simple cash withdrawal. These services include depositing money and several other personal bank accounting services. Getting back to the humble British tender; the pound, did you know that within only a few weeks of circulation most British currency has over 26,000 different types of bacteria on it. This means whether it is a note or a coin, there is likely to be more gems on it than the average toilet seat! Just goes to show the importance of washing your hands after prolonged periods of handling money. In terms of the legitimacy of our British tender, this too has periodically been pulled into question. This fact has been recently highlighted with the issue of the new £5.00 note by the Bank of England. In an effort to increase the security of this particular tender, a new plastic based note has been mass issued and will shortly be followed by £10.00 and £20.00 note versions. During the Second World War, up to 14% of all notes in circulation in the UK were found to be fake but since that time the numbers have reduced quite considerably thanks to better quality of production and monitoring of counterfeits.

What many of us are unlikely to be unaware of is the fact that London is home to some of the wealthiest individuals in the entire world. Of the top 1% of wealthiest people, there a 4000 of them based in London alone. It’s quite a fact that this 1% as a collective have 50% of the worlds wealth and further still, the 80 richest people have more combined wealth than the entire 50% of the population put together. So, when it is suggested there is a divide between the rich and the poor, there is certainly evidence to suggest this! It is also interesting how the spending habits of the generations have changed also, with young adults now earning more than their parents respectively. However that being said, the spending habits of younger generations have greatly increased meaning that overall, they are much more likely to have lower levels of spare income or even money saved than that of their predecessors.   

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Author: Internal Customer Services Agent

 

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