Not everyone is good at managing their finances. We did some research* and discovered that 16% of people describe themselves as ‘rubbish with money’, while 6% said they had their ‘head in the clouds’ when it came to cash.
It comes as no surprise, given that we all lead busy lives and just thinking about money can be stressful. The lucky ones are the two thirds of people who believe they are good with money – they might call themselves as ‘penny planners’. This means they keep on top of their spending and make every penny count.
Who is cash savvy?
People who live in Northern Ireland seem to think they are the worst with money, whereas residents of the East of England are the most confident when it comes to money matters.
However, as far as 'men versus women' is concerned, there’s not much between the sexes in terms of how they describe their money management. Age matters, though – the older someone is, the more likely they are to say they have a handle on their finances.
How can I improve my budgeting?
If you’re one of the ‘rubbish with money’ or ‘head in the clouds’ people, then take heart from the fact that you’re not alone. And there are things you can do to improve your finances.
There are lots of online guides which offer help with money management. Just make sure you choose a reputable website from which to take advice. And you could try having a chat with your bank manager or another financial expert.
You can also better organise your incomes and outgoings from the kitchen table. Try making a list of everything you earn and everything you spend. This will give you an idea of where you stand each month.
If the idea of trying to get a handle on your money on your own fills you with dread, then the thinkmoney Personal Account could be right up your street. Find out how it works.
* Consumer Intelligence questioned a nationally representative sample of 2,149 adults aged 18 and over between 11th and 14th September 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.