Almost 1 in 3 of the UK adult population believe they are 'aficionados' when it comes to managing th...
Almost 1 in 3 of the UK adult population believe they are 'aficionados' when it comes to managing their money, with over 2 million of them monitoring their finances on a daily basis, according to a survey for Intelligent Finance.
Conducted by ICM Research, findings suggest people are more likely to have the same attitudes to money as their parents, even though few would be prepared to admit it as only 1 in 5 people believed that their parents had the most influence on their attitudes to money.
Commenting Donna Dawson said: "When it comes to our attitude towards money, there is no escaping the financial example set by our parents. Whether directly or indirectly, the way our parents dealt with money while we were growing up will have affected us and, unless the experience was traumatic - in which case, we will strive to be the opposite - we will end up subconsciously emulating them. However, this is not something that we would readily admit to, as part of growing up and away from our parents is becoming our 'own person', with seemingly different values."
When it comes to attitudes to money, opposites don't attract, the survey also found, as people were more likely to choose a partner or spouse who share their own attitudes to money.
Three distinct financial personalities, which cut across social class, wealth and sex, were identified in the survey, according to IF:
Aficionados who believe "Money is interesting and I find looking after it rewarding";
Carefrees who believe "Money is nice to have but I'm not particularly good with it";
Carefuls who believe "Money is important and must be looked after even though I don't find it interesting".
People's attitudes to money and its management were shown, however, to change with age. Many people who are 'Carefrees' in their youth change their attitude to money after they hit middle age.
'Aficionados', however, remain so throughout their adult life, with their ranks being swelled by people who become 'Aficionados' after they have retired.
Additional findings of the survey suggest:
1 in 10 - or 5million adults - say they monitor their financial affairs on a daily basis;
Over 2.5 million people say that they rarely open their bank statements and tend to do so only when prompted to do so by a letter from their bank;
1 in 5 people say they never go into debt;
Over 4 million people say that they blame the Government or the state of the economy when they themselves go into debt;
Nearly one million people pin the blame on their spouse when they go into debt;
Twice as many 18-24 year olds blame the Government when they go into debt; and
7 out of 10 people say that they never gamble, however, there are still over 5million adults would call themselves regular gamblers.
Q2 net sales dropped almost 50%
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected