Men rate their financial IQ more highly than women

When it comes to their financial intelligence, more men rate themselves as financially savvy than women, according to research from Scottish Widows.

Half of all men rate their financial IQ as "good" or "excellent" (49%), but just a third (34%) of their female counterparts feel the same confidence when it comes to their financial intelligence. When it comes to the nation overall, nearly half (45%) of Brits feel their financial IQ is "OK, but could be better," one in ten (10%) rate their financial IQ as poor, and 2% say it is ‘"non-existent."

Those Brits who worry about their finances spend an incredible 11 hours a week doing so. This could equate to more than a working day each week - or 24 whole days a year. And on average, it is young people who worry the most about their financial futures - those aged 18-34 spend the most time worrying (13 hours per week, vs. 11 hours among 35-54 year olds and 9 hours among those aged 55 and over.) Men also spend more time worrying about their finances than women (12 hours vs. 10 hours per week,) - so although they might feel more confident about their financial intelligence, they could still do with a helping hand when it comes to understanding their personal finances.

To help address this lack of financial confidence in men and women, Scottish Widows has launched ‘Your little book of money 2010' featuring tips and advice from a host of financial experts, including help on how to recession proof your finances. This independent online guide examines and interprets all aspects of financial well-being, and can guide you towards financial help no matter what your money worries.

Rosanna Spero (personal finance journalist and editor of ‘Your little book of money') says: "Men appear to be much more confident when it comes to their money know-how, rating themselves as being financially "fitter" than women. But irrespective of whether you're male or female, as a nation it seems we're simply not that confident when faced with issues such as financial products, as well as our understanding of the current economic situation."

Also, younger generations are more likely to have learnt lessons from the recent downturn, with those aged 18-34 most likely to have increased their financial IQ since the start of the recession - 52% say their financial IQ has increased, compared to 37% of 35-54 year olds and 32% of those aged 55+. And younger people are the most positive about how they would cope if there were another recession, with almost a quarter (24%) saying they would cope better this time around vs. 19% of 35-54 year olds and 9% of those aged 55+.

Iain McGowan, savings expert for Scottish Widows continues: "It's incredible that Brits spend so much of their time worrying about their finances, but hopefully 'Your little book of money 2010' from Scottish Widows will address some of these concerns and so ease the worries, questions and concerns that keep people awake at night. We all have questions about our savings, spending, our retirement, and our children's financial security. ‘Your little book of money' provides independent, unbiased guidance, and straight-talking strategies to help you prepare financially for the future."

'Your little book of money 2010' from Scottish Widows is available as a downloadable PDF and via a new website at scottishwidows.co.uk/littlebook.