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One in 10 Brits admit to being bad with their money

Author: Online Stories Published: 28th March 2019 12:22

• Typical UK adult saves £240 each month

• One third have not cut back in order to save more

Researchers polled 2,000 UK adults and, despite the age of austerity, found many are ‘blindly' splashing the cash without any thought for the potential consequences.

Approximately one fifth of those surveyed described themselves as ‘spenders', rather than ‘savers' in the poll.
Amongst these spenders, one third have never considered cutting back on their outgoings and putting more money into savings.

Of those who save rather than spend, most - 44 per cent - have done so in case they need money for an emergency. Other savings targets include buying a house, a car and home renovations, however, 23 per cent are not saving for anything in particular.

Commissioned by DJS (UK) Limited, the research also found nine per cent prefer to spend their income when they receive it, rather than build a nest egg.

A spokesman for DJS (UK) Limited, said: "There's no denying having a bit of a spending spree every now and again is fun. We work hard and absolutely should be able to spend as we please, however, it's important to keep track of our outgoings. Splashing out without knowing what funds we have is risky and could lead to financial difficulties."

It also emerged the typical UK adult has £7,048.13 in savings, and saves £240.57 of their income on average each month.

However, 62 per cent revealed they end up spending much of what they put aside and 27 per cent admit they have months where they are unable to save.

Four in 10 people keep all of their savings in one savings account, and but two in five have no idea how much interest they earned on their savings over the past 12 months. 53 per cent of Brits do not know what the current interest rate on their savings is. Almost one in 10 admitted to keeping their savings hidden in their homes.

Carried out through OnePoll.com, the research also found that almost one quarter have opted to invest, instead of saving, with the most popular options being property, gold and jewellery.

The spokesman for DJS (UK) Limited, added: "It shouldn't be taboo to talk about your finances, and while many may believe they'll be lectured for their habits, it helps to discuss your situation and see if there is any valuable advice that family and friends can provide. Being more open about our situations will help to improve everyone's financial wellbeing."

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