National Savings And Investments Reports Britons More Financially
Aware
Released
on: August 26, 2009, 8:33 am
Author: National Savings
and Investments
Industry: Financial
NS&I
has revealed new research that shows nearly two-thirds (63%) of
the population are more aware of their finances and are making
an increased effort to look after their accounts as a result of
the credit crunch,
According
to the new research released by NS&I (National Savings and
Investments), almost half (48%) of the people who are focusing
more attention on their finances have stated now that they know
exactly how much money they have in all of their accounts. A further
third (33%) know roughly how much money they have in their bank
account and
savings account, give or take £50.
Whether people know exactly what their financial situation is
seems to be affected by both age and gender. Research shows that
older age groups are more likely to be sure of their financial
state of affairs, with 60% of over 65-year-olds sure of the exact
amounts in their current and savings accounts, compared to 38%
of the 16-24 age group and 41% of 25–34 year-olds. Women
are more likely to know their precise financial circumstances,
with half (50%) sure of exact amounts compared to more than two
fifths (41%) of men.
The NS&I research also showed that married and co-habiting
people are more money-savvy with 45% confident of the figures
compared to 39% of singletons, perhaps as the more careful female
attitude rubs off on their partners. In fact, more than a quarter
(26%) of men state that their partner looks after their money,
while only 19% of women put the financial reins in their partner's
hands. It seems that often when relationships break up a lot of
attention is focused on assets, perhaps this explains why 56%
of those divorced, widowed or separated know exactly what money
they have in their accounts. Interestingly, children seem to have
a negative effect on people's awareness; 41% people who have children
are confident of their exact financial circumstances, compared
to 48% of those without.
Dax Harkins, senior savings strategist at NS&I, explained:
"To be in control of your finances it's really important
to keep track of your money and to make sure that it is invested
in a savings
account which suits your individual needs. Setting aside a few
minutes a week is all it takes to review your money situation.
From this point you can assess your incomings and outgoings, identify
opportunities for savings and make your money work as hard for
you as possible."
There are, of course, those people that choose to ignore keeping
track of their finances. More than a third of people (36%) care
just a little about their finances and do just enough to get by.
One-fifth (20%) of those surveyed feel that so long as they've
got regular money coming into their current account they don't
need to worry about it too much and just under a fifth (17%) ignore
their finances and hope they will be okay rather than spending
time worrying. Nearly a fifth (19%) of the population stated that
they don't have time to manage their finances properly.
Notes to Editors
*The survey, which questioned people about their financial habits,
was carried about by TNS Global Market Research in June 2009 among
1002 GB adults aged 16+.
About NS&I
NS&I is one of the UK's largest financial providers with almost
27 million customers and over £94 billion invested. It is
best known for Premium Bonds, but also offers Inflation-Beating
Savings
bonds, Guaranteed
Growth Bonds and Children's Bonus Bonds in its range. All
products offer 100% security, because NS&I is backed by HM
Treasury.
For more information on NS&I’s involvement with the
RHS and the Grow Your Own campaign, visit www.nsandi.com/rhs
For further information contact:
Monica Del-Villar
National Savings and Investments
375 Kensington High Street
London
W14 8SD
020 7348 9654
www.nsandi.com
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