Are you categorised as a ‘financial freewheeler’ or classified as an ‘anxious avoider’? Have a go at the quiz to unearth your financial personality type. The instrument will pose a sequence of queries about how you tackle conversations regarding dosh in the bank and disclose one from a quartet of potential outcomes. This comes following a study which disclosed that a quarter of Brits fall under ‘silent savers’ who aren’t keen on broadcasting their fiscal status – with a mere one out of twenty being an ‘open book’ when dealing with matters of money.
A survey involving 2,000 grown-ups also indicated that 18 per cent see themselves as ‘cautious calculators’; those who meticulously ponder and plan concerning their assets. Meanwhile, 12 per cent fit the bill of ‘casual conversationalists’, having a relaxed chit-chat about cash and exchanging personal experiences.
Dr Linda Papadopoulos, a psychologist and media commentator, in sync with KPMG UK forewarning of National Numeracy Day on Wednesday, 21st May, observed that the study highlighted the typical British tendency to shun discussions surrounding money despite half of the population believing in the benefits of candid financial chats.
Dr Linda referred: “The research has shown a real mix of confidence when it comes to finance and dealing with money.” She furthered her point by stressing: “And confidence is key – this isn’t just about maths; numeracy is all around us in every way. We’re always dealing with numbers in some form in our lives.
“The good news is, many do rate their understanding, but as soon as things get a little complex, confidence levels drop. Talking about numeracy and financial topics more frequently would absolutely help people to build confidence, hearing whether other people thrive or struggle – and enable one another by listening and lending a helping hand.”
When asked to pick from 10 money personality types, a mere three per cent pegged themselves as ‘oversharing optimists’, with only four per cent identifying as ‘competitive comparers’. The OnePoll survey found that individuals are most at ease talking to their partners (46 per cent), followed by family members (20 per cent) and mates (10 per cent) about financial matters; however, a trifling one per cent would broach the topic with work colleagues.
Conversations surrounding finances with friends and family occur only sporadically, with 24 per cent engaging in the chat a few times annually. According to the same poll, 30 per cent of respondents wish they could discuss money matters more comfortably with others.
Generally, 88 per cent feel confident when it comes to arithmetic, yet 37 per cent concede they have a tough time wrapping their head around financial documents like utility bills and bank statements once numbers get intricate.
Around 49 per cent state they speak openly about fiscal issues including the value of money (61 per cent) and fostering responsible spending habits (52 per cent) with their offspring, aiming to kick-start their financial literacy early on.
And even though many have a decent grasp of numerals, 35 per cent still end up skint by month-end, with 23 per cent running low on wonga halfway through. Common culprits for this cash crunch are unforeseen expenses (38 per cent), hefty bills (33 per cent) and simply not enough dough to last the month (29 per cent).
(Image: Getty)
But it’s a combo of no savings, shoddy budgeting, and poor handling of money that accounts for 28 per cent of the reasons why folks find themselves in a pickle. Furthermore, 30 per cent of those quizzed are dealing with some sort of debt, whether it’s from credit cards, mortgages or loans.
Bina Mehta, chair at KPMG UK which bankrolled the study, noted: “Number confidence can have a significant impact on our lives, especially when it comes to understanding ‘everyday’ numbers like mortgage or credit card interest rates.”
She remarks that “Good numeracy skills can improve confidence with financial decision making, enhance job prospects, and even guard against vulnerability to fraud and debt, all of which contributes to a healthier and more inclusive economy.”
Sam Sims, the top dog at National Numeracy, weighed in: “This research highlights just how deeply personal our relationship with money is – and how confidence with numbers shapes our financial decisions.”
He continued, saying, “While it’s encouraging that so many people feel confident with numbers, the reality is that millions are still struggling with budgeting and understanding bills and financial documents.
“We know that boosting numeracy isn’t just about being better at maths – it’s about building the confidence to face everyday financial challenges and make informed decisions.
“That’s why National Numeracy Day exists: to inspire people to feel good about numbers and take that first step towards improving their skills – because better numeracy can lead to better opportunities, and brighter futures for everyone.”
TOP FIVE MONEY PERSONALITIES BRITS RELATE TO MOST
- Silent Saver – Prefers to keep financial matters under wraps, seldom chatting about savings or investments with others.
- Cautious Calculator – A careful planner who always scrutinises financial decisions, often crafting detailed budgets and tracking expenses meticulously.
- Casual Conversationalist – Talks about money in a laid-back way, frequently sharing personal experiences and stories without much fuss over details.
- Reluctant Realist – Discusses money with a practical approach, acknowledging financial hurdles and limitations.
- Generous Mentor – Enjoys sharing financial advice and tips, often lending a hand to others with budgeting and investing.