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Despite fears about debt and over-spending, a new study reveals the majority of Brits are savvy when it comes to their money and financial planning. According to CreditExpert.co.uk's Nation of Financial Planners Study, 51% of Brits say they're always in control of their personal finances and 66% have savings and investments.
The study of the spending and saving habits of 1,500 Brits also reveals: men 32% are twice as likely to have a variety of savings and investments compared to women 16%. And Londoners are the least likely (40%) to admit to being good at managing their finances.
The findings show that Brits can be split into three distinct spending personalities: the cautious 'Pound Savers', the nonchalant 'Splurgers' and the good intentioned 'Weekend Spenders'.
Pound Savers are savvy with their savings and make every penny count. They make up the majority (51%) of Brits.
Regionally, the North (Scotland and Yorkshire & Humberside) is the capital of Pound Savers, with 59% in these regions saying they're good at managing their money and around a quarter (29% Scotland / 25% Yorkshire & Humberside) having a variety of savings and investments.
Men are more likely to be Pound Savers, with 58% claiming to be good at managing their money compared to 45% of women. 50% of Pound Savers say they're able to make payments on credit with ease, compared to just 20% of Weekend Spenders and 10% of Splurgers.
Meanwhile, Splurgers are carefree with their money, live for the moment and give little consideration to long-term planning. Around 7% Brits admit to being poor at managing their money and tend to use it without thinking about how much money they spend. London is the hotspot for Splurgers, with 12% admitting to being poor at controlling their finances.
On the other hand, Weekend Spenders have the best intentions at heart and know they should invest their money, but admit they sometimes lapse in controlling their finances. They make up 41% of the population.
Women are more likely to be Weekend Spenders, with 47% saying that despite good intentions, they sometimes lapse when it comes to managing their finances. In comparison, only 35% of men say this is the case. 23% of Weekend Spenders admit they sometimes have to sacrifice spending on other things to pay off monthly payments on credit agreements. And 38% of Weekend Spenders have a personal loan compared to only 18% of Pound Savers.
15 July 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.