Brits are pound savers instead of pound splurgers

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, over half (51 per cent) of Brits say they are always in control of their personal finances and two thirds (66 per cent) have savings and investments.

The study of the spending and saving habits of 1,500 Brits also reveals:

Men (32 per cent) are twice as likely to have a variety of savings and investments compared to women (16 per cent)

Londoners are the least likely (40 per cent) to admit to being good at managing their finances

Over a quarter (27 per cent) of Brits admit to not having enough money to save or invest

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.

Saving the Pounds

Pound Savers are savvy with their savings and make every penny count. They make up the majority (51 per cent) of Brits.

The North (Scotland and Yorkshire & Humberside) is the capital of Pound Savers, with almost one in three people (59 per cent) in these regions saying they are 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 almost on in three (58 per cent) claiming to be good at managing their money compared to less than half (45 per cent) of women

Half (50 per cent) of Pound Savers say they are able to make payments on credit with ease, compared to just one in five (20 per cent) of Weekend Spenders and 10 per cent of Splurgers

Set on Splurging

Splurgers are carefree with their money, live for the moment and give little consideration to long-term planning – around one in 14 (7 per cent) 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 per cent admitting to being poor at controlling their finances

Those aged 18-24 are most likely to be Splurgers, with almost one in seven (14 per cent) admitting they are poor at managing their money

Around two-thirds (64 per cent) of Splurgers say they don’t have a sufficient amount of money to save or invest and only a quarter (25 per cent) have some or a variety of savings and investments

Two-thirds (67 per cent) of Splurgers don’t know what their personal credit rating is:

Spending at the Weekend

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 per cent of the population.

Women are more likely to be Weekend Spenders, with almost half (47 per cent) saying that despite good intentions, they sometimes lapse in managing their finances. In comparison, only 35 per cent of men say this is the case

More than one in five (23 per cent) Weekend Spenders admit they sometimes have to sacrifice spending on other things to pay off monthly payments on credit agreements

Almost two-fifths (38 per cent) of Weekend Spenders have a personal loan compared to only 18 per cent of Pound Savers

Jim Hodgkins, Managing Director at CreditExpert.co.uk, the online credit monitoring service from Experian, says: “It’s encouraging to see that the majority of Brits claim to be financially savvy and careful with how they spend their money. It’s important to remember that no matter what kind of financial planner you are, it pays to keep tabs on your credit status, whatever your financial traits, as your behaviour and any decisions made now can affect your future borrowing power.”