New research from Experian has explored the role money has in the lives of people in Britain, their attitude and habits in life.
The study found that 26% of people feel like their finances are out of control.
Perhaps unsurprisingly, 51% of Brits would be a lot happier if they had better control of their own finances.
According to the research, 29% of men and 27% of women have trouble understanding how to best govern their personal finances.
These statistics suggest that many adults across Britain are struggling to manage their money, despite knowing that it is a priority.
The research also found that taking control of your personal finances and becoming more confident with money can come with age.
Only 11% of over 55-year-olds find it hard to manage their money. This was in stark contrast to the 68% of 16 – 24 year olds who said that they struggled to manage their money.
Commenting on this finding, Clive Lawson from Experian said:
“Younger people are unintentionally missing out on the benefits of good money management.
“My question is – why wait to save money? It’s never too early to get a grip on your finances.
“The average household could save up to £400 by switching to a zero interest credit card.”
The research also highlighted that 29% of Brits believe that “Money is the most important thing in my life”. With this finding, however, comes a clear gender and age divide.
34% of men determine money to be the most important thing life. 25% of women feel the same.
Again, the study uncovered some age differences, finding that the older a person gets the less they are attached to money.
17% of over-55s think money is the most important thing, compared with 43% of 12-24 year old’s.
A lot of people experience money worries and generally feel out of control when it comes to their personal finances.
One of the main benefits from working with a Financial Planner like Informed Choice is removing the stress and worry associated with money.
We help all of our clients secure financial peace of mind, taking away those sleepless nights where lack of understanding about money or the absence of a long-term Financial Plan is a cause for concern.
