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Iceni Magazine | December 18, 2017

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Half of Brits Wish They Were Better With Money

Half of Brits Wish They Were Better With Money

Over half of Brits wish they were better with money, according to research.

In heed of the age old saying “Look after the pennies and the pounds will look after themselves” a number of Brits aren’t taking this quality advice.

Despite nine in ten claiming to be good with money, 43 per cent have some kind of debt.

And almost a quarter admit they aren’t great when it comes to putting money aside for a rainy day.

Half of those polled by OnePoll.com admitted to choosing convenience over cost, often opting for a shop-bought sandwich rather than the cheaper option of making their own.

Another 53 per cent admit they treat themselves to unnecessary spends despite living in the knowledge they can’t really afford it.

Louise Harper-King, a spokeswoman for OnePoll, said: “We’ve all had those months – where payday seems to crawl into sight and when it eventually comes around, our well-earned pounds are frittered away on bills and debt.”

Adults spend an average of £43 a month on ‘pointless’ items – the equivalent of £31,115 over a lifetime.

Worryingly, almost one in five don’t monitor their spending, while one in 20 even admitted to making a purchase without actually checking how much it costs.

Less than half the nation sets a budget, with three in ten regularly spending beyond their means.

Of those who don’t set themselves a budget, one sixth admit it’s because they know they won’t stick to it.

One in five don’t set a budget because they simply don’t worry about it, while 13 per cent simply can’t be bothered.

And one in twenty won’t budget because they’re already in debt.

It also emerged one in ten admit they don’t know what their annual salary is, while 18 per cent have no idea what their monthly take home pay is.

More than four in ten also have outstanding debt on credit cards or loans, with the average credit card debt at £569.

And a further £4,328 is owed on loans.

Researchers also found that despite three in four adults believing they are good at saving, one in ten admit to having no savings at all.

Seventy-three per cent of the nation confess they worry about money, checking their bank balance an average of three times a week.

And three in four wish they could earn a little extra ‘pocket money’.

If you want to earn some extra cash, you can register yourself here – members.onepoll.com/sign-up – and get paid to fill in surveys from the comfort of your own home.

Article By Astrid Hall

ENDS

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