How Britons open bank statements reveal their ‘financial personality’

June 3rd, 2009 - 5:24 pm ICT by ANI  

London, June 3 (ANI): How Britons open their bank statements-whether quickly and with relish or slowly and gingerly-reveals a lot about their “financial personality”, according to new research.

Researchers from Reader’s Digest, which offers money advice, analysed the spending habits of 1,417 adults and revealed that there are five different approaches to the way people handle money.

The experts categorised 59.3 per cent of British residents as “amblers” who drift along not checking our bank balances until trouble hits.

With 24.6 per cent, the next biggest group make for the “evaders” who will avoid opening bank statements at all costs and live in denial about debts.

Then comes the “hoarders”, accounting for 13.7 per cent, who like to check their statements immediately, driven by the fear of losing money or the joy of watching interest add up.

Only a small proportion of Britons- 2 per cent- fall into the “validator” category, who splash out to show off or make themselves feel better.

And, finally, just 0.4 per cent of the UK people constitute the “splurgers,” who cannot help impulse buying to the point of ruin.

“The results of the survey conclude that we are a nation not in control of our finances,” the Telegraph quoted a spokesman for Reader’s Digest as telling the Daily Mail.

The spokesman added: “While 59 per cent of the population can be identified as amblers, a startling 25 per cent are evaders, which equates to over 12 million adult Britons living in denial about their financial situation and possibly ignoring their debts. Awareness of a money personality type is a first step toward taking control.” (ANI)

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