A new study, conducted on behalf of leading prepaid current account provider icount shows that the older generation of Brits are more savvy when it comes to taking action to improve their credit rating, with over a third of 45-54 year-olds believing that registering to vote will improve their credit score.
What does this generation know?
It’s interesting to think that something as simple as being on the electoral register could improve your rating. But it does.
This is because the electoral register is a list of the names and addresses of everyone in the country who is allowed to vote. Therefore, the government use this for proof of identity.
If you are not on the electoral register than questions may well be asked. That’s why your proof of existence on the register will reassure your creditors you exist.
In terms of regions, when analysing 1000 people who have registered throughout the country; It appears that the Welsh residents are the biggest believers with 42% agreeing that registering to vote is a good way to improve credit scores.
If you are on the electoral register, it doesn’t require you to vote, and not voting will not harm your credit score. But not being on the register will.
What it means for Brexit?
Nearly 35% of 45-54 think registering to vote will improve their credit score, compared to just 15% of 18-24 year olds. Younger people are less likely to be on the electoral register, and are therefore will carry less votes in EU referendum. This is largely due to younger people, particularly students who are often moving home and need to re-register at another address.
However, for anyone under 30, there are in huge favour to remain in the EU as the effects of leaving will affect them the most, and worrying about the uncertainty of the future will be a defining factor in their vote.
Whereas, for the older generation, many carry a nostalgic feeling of the UK before we entered the EU. Therefore, not only is this age group shrewd when it comes to the reducing their credit rating, but because they are on the electoral register they are more likely to vote Brexit.
All you need at hand to register is:
- your National Insurance number
- your passport if you’re a British citizen living abroad.
If you’re asked to register and choose not to, your local Electoral Registration Office could fine you £80.
The time has now passed to register your vote for the referendum. However, you still have plenty of time to register your vote for the 2020 general election and improve your credit rating in the process.