PHOTO: Mortgage Choice chief executive officer John Flavell said a lot of people had their head in the sand when it came to their personal finances. Photo: Thinkstock.


While the majority of Australians think they’re financially savvy, more than one in three borrowers don’t actually know the interest rate on their own mortgage, a survey has found.

Almost 80 per cent of people considered themselves to be money smart, according to Mortgage Choice’s inaugural Australian Financial Savviness Whitepaper.

That’s despite more than half of the 1043 people surveyed for the report rating their financial knowledge as either average or poor.