Can Britons manage their money?

YouGov
September 29, 2020, 5:06 PM UTC

People who are good at keeping a budget tend to be older and have higher trust in financial institutions

Only one in five Britons (20%) are absolutely confident when it comes to making and keeping a budget. These people are slightly more likely to be older, with about two in five (43%) of them being at least 55 years old, compared to 38% of the wider population.

Social grade also seems to play a role, albeit to a lesser degree. About three in five confident budgeters (59%) are ABC1s, meaning they tend to do professional work, compared to 54% of all Brits.

Confident budgeters tend to be more upbeat about their personal finances in general. Nearly all say they manage their money well (93%, compared with 80% of the general population). Similarly, they claim to be good at saving (89% vs 66% of all Brits) and are more likely to see themselves as financially secure (78% vs 55%).

Confident budgeters also tend to be more calculated when it comes to making the most of their money. About half look for profitable investment opportunities (53% vs 38%), and a similar number consider news about finance and the economy before making big purchases (49% vs 40%).  

While half of the population trusts banks and building societies, this figure is higher among people who are good at budgeting (60%). They are also more likely than the average person to think that hard work matters more than luck in getting ahead in the UK (52% vs 45%).

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