NEW STUDY SHOWS UK DEVELOPING POSITIVE MONEY HABITS DESPITE MONEY STRUGGLES
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- Alaina Eileen Sharp
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1 UNDER EMBARGO UNTIL 00:01 Friday 2 nd August 2013 NEW STUDY SHOWS UK DEVELOPING POSITIVE MONEY HABITS DESPITE MONEY STRUGGLES Millions working hard to manage day-to-day, and living for today rather than planning for tomorrow A major new study published today by the Money Advice Service highlights that people are changing their financial behaviours and developing positive money habits to deal with their money matters, but reveals how half (52%) of UK adults struggle to keep up with their bills and credit commitments (about 26m people 1 ). When the service compared this to 2006 data 2, it found the proportion of people who are struggling to keep up with their bills and credit commitments in 2013 has risen by 17 percentage points up from 35% in 2006 to 52% in The Service says its report - The Financial Capability of the UK - points to evidence of how millions of people are adapting to deal with tough economic times, and working hard to manage their money. It says although people are understandably anxious about their finances (49% of adults are concerned) the evidence also shows how people have, over the past few years, become more diligent or vigilant about their money matters and suspicious of financial scams. For example: 67% of us agree we re very organised when it comes to managing money. People are also checking bank statements more carefully over half (54%) of adults say they regularly check all incomings and outgoings on their bank statements to keep track of their money (about 27m people 3 ); and two out of five (40%) look for suspicious transactions. Furthermore, 85% of adults say they are saving. Despite the positive behaviour, the study found many people have poor money skills and knowledge. For example, 16% of adults (about 8m people) were unable to identify the correct balance on a bank statement; and 35% (about 17m people) did not understand the impact of inflation on their savings. The Service says the study confirms our attitudes and motivations shape the way we manage our money as significantly as our skills and knowledge, and highlights people live for now attitude. For example, when asked to define their money attitude, 25% of the population say they prefer to live for today rather than plan for tomorrow; and when given a choice of being given 200 now or 400 in two months, one in five (21%) people would rather take 200 now. The Service believes this weight of evidence confirms, for the first time, how much skills, knowledge, attitudes and motivations collectively affect our financial capability, and adds a fifth critical element to the mix: opportunity. For example, many people may be motivated to receive financial advice, but lack the physical or social opportunity; they may not know where to go for free advice or may be put off doing so by their peers. 1 Includes 31% who said: I am/we are keeping up with all bills and commitments, but it is a struggle from time to time. 2 Financial Capability in the UK, Establishing a Baseline (Financial Services Authority, now the FCA, published 2006). 3 27m calculation by the Money Advice Service based on ONS population data: 49,451,024 x 54% = 26,703,
2 Other key findings: Money skills: When asked to complete a range of everyday financial tasks - such as find the balance on a bank statement, identify the best ISA rate, or the best out of two discount prices on a product one in five (21%) adults could not answer at least half the questions correctly; 12% believe the current Bank of England base rate to be over 10% when actually it is currently 0.5%. One in five (21%) adults lack confidence; and a third (32%) feel uncomfortable talking about money matters. Keeping track of cash: 84% of people said they keep track of their income and expenditure; 62% of current account holders check the balance online through their bank s website; 81% of adults check their bank balance before going shopping; 66% check the balance before drawing money out of a cash machine. But more than one in ten (12%) adults said they don t know the amount in their current account to within 100 (this rises to 27% among those earning 30-40,000 a year). Working hard to manage: Over a third (36%) of people said they have to cut back in the run up to payday; 14% of people admit they run out of money before payday; and 47% of UK adults find it hard to live within their means, but it s not just those on low incomes around a third (34%) earning above 30,000 a year say they find in tough to live within their means. Shopping around: the majority of UK adults now shop around to compare prices - 93% said they compare prices before deciding to buy an item which they think is too expensive; and when buying insurance half (51%) will compare quotes from a number of insurers before purchasing. Behaviour vs action: Getting into debt bothers the vast majority (90%), but 27% admit they often use a credit or store card for everyday purchases; the majority (84%) keep track of income and expenditure, but fewer than half (46%) keep a personal budget; and although two thirds (66%) check their bank balance before drawing money out of a cash machine, one in five (19%) people will guess how much they can spend before going shopping. Living for now: almost one in five people (18%) are willing to buy a holiday and work out how they will pay afterwards; One in ten people (9%) think the best age to start paying into a pension is in your fifties (over 4m people 4 ); 17% of adults admitted they continue to buy things even when they can t afford it; and 18% of people, said if asked out for the evening they d go even if they couldn t afford it. Planning for the future: the majority (88%) agree that saving for a rainy day is important, yet 42% of adults would have to think about how to cover an unexpected 300 bill; and two thirds (68%) of non-retired people are not paying into any pension; a third (33%) of UK adults said they had experienced a shock to their finances 5 over the last three years, such as a large drop in income or large unexpected expenditure. 4 4m calculation by the Money Advice Service is based on ONS population data of UK adults: 49,451,024 x 9% = 4,450, % of respondents experienced a large drop in their income and 12% experienced an unexpected large expense = 33%. 2
3 Commenting on the findings, Caroline Rookes, Money Advice Service CEO said: In theory, money management is easy spend less than you earn and consider your future, but the difficulty comes when applying this in the real world. This report reveals just how difficult it is at the moment for so many of us, but also highlights ways we are adapting to manage financially. The Money Advice Service aims to encourage people to manage their money well so that they don t make poor decisions consciously or inadvertently - that trap them in a vicious cycle of debt. Our advice and support is here to help everyone make the most of their money so that, regardless of life s ups and downs, they are not on the back foot but can reach their life goals. Otto Thoresen, head of the Thoresen Review of Generic Financial Advice (2008) which recommended setting up the Service said: The last few years have been tough for most people and their budgets have come under real pressure. It is striking that although many people want to do the right thing and save for a rainy day or their retirement in reality they often don t. It is really important that we continue to prioritise helping people understand and manage their finances so they can make good choices and plan for their future. It s good to see that financial education is being included on the school curriculum so that we help children develop the good habits and knowledge they need to manage debt and plan well as they get older. The report s publication marks the end of a year-long study, but the start of the Service s work with the financial services sector to build a UK Strategy for Financial Capability. About The Financial Capability of the UK report The study was commissioned to reset the UK s Financial Capability baseline (last measured in 2006). It brings together a range of research collected by the Service. Ipsos MORI was commissioned to ask over 5,000 people about their financial abilities and habits; and follow over 70 households closely for a year in a project called Money Lives. This first wave of the financial capability tracker asked over 5,000 adults about their money, how they feel about it and what they do with it. It is planned as a long term tracking study, building to survey 10,000 people a year to provide us all with a gauge measuring the evolution of UK financial capability. Read the report at: About the UK Strategy for Financial Capability The Money Advice Service is embarking on a sector-wide project to put in place a new strategy to help UK households get their finances into better shape. In line with its statutory objectives (to raise public understanding and knowledge of financial matters and the ability of people to manage their own financial affairs) the Service will publish the UK Financial Capability Strategy in Working together with a host of other organisations and influencers - Government, charities, industry, educators, advice providers, devolved institutions and individuals it will draw up and publish a strategy which aims to create a more financially capable nation. ENDS 3
4 NOTES TO EDITORS 1. The Financial Capability of the UK report brings together a collection of Money Advice Service research: a) Quantitative financial capability tracker - a study for the Money Advice Service conducted by Ipsos MORI's Social Research Institute, involving online and face-to-face interviews with 5,079 UK adults between 5 April and 7 May This will continue to be a long-term tracking study to measure the evolution of UK financial capability, and will gather insights from around 10,000 people by b) 'Money Lives' - a year-long qualitative study for the Money Advice Service by Ipsos MORI's Social Research Institute following 72 UK households between June 2012-April 2013 closely observing and analysing what they do with their money, often as they experience real-life events. c) Habit Formation and Learning in Young Children - a study for the Money Advice Service by Dr. David Whitebread and Dr. Sue Bingham at the University of Cambridge, published 2013; d) The Sandwich Generation - An exploration of the affective and financial impacts of dual caring - a study for the Money Advice Service conducted by Ipsos MORI's Social Research Institute, published e) Financial Capability in the UK, Establishing a Baseline - a study for the Financial Services Authority (now the FCA), published 2006) 2. The 2013 financial capability quantitative survey draws from, among other sources, the 2006 baseline of financial capability report published by the Financial Services Authority (FSA). While the Money Advice Service updated some of the questions to reflect changes (for example online banking is now prevalent), this historical data provides valuable areas of comparison. The 2013 survey was a Tracker which comprised 107 questions but the questionnaire was not identical to the 2006 baseline survey. The 2006 survey has provided the Service with comparative data, showing how the UK s managing its money in 2013 compared to It asked the UK population: How well are you [and your partner] keeping up with your bills and credit commitments at the moment? The Service s 2013 survey asked the same question and found that compared to 2006, the proportion of people in 2013 who are managing to keep up with their bills and credit commitments has dropped by 26 percentage points: from 65% in 2006 to 39% in For the purpose of The Financial Capability of the UK report the Service has split the UK population into four subgroups with different needs and approaches when it comes to making the most of their money: Healthy finances: 16m people - typically older (average age 50), more likely to have degree level education and see themselves as very organised money managers (90%). They have much higher take up of insurance products and almost no-one has a payday loan. Focused on the now: 14m people - spanning both young and old, most (80%) in this group are very organised when it comes to managing their money day-to-day. However, not so good at considering the future or incidents that could blow them offcourse - less than half this group have contents insurance and very few (13%) take up life insurance. Many would say: I prefer to live for today than plan for tomorrow On the edge: 10.5m people - not the most organised, people in this group make it through life as much by luck as by budgeting. Less likely to feel organised when it comes managing their money, a quarter run out before the end of the week or month most of the time; more likely to have loans whether personal, through the mail order catalogue or as a payday loan. Help required: 9m people need urgent financial help. Younger than the other groups, on average, 44% of this group stated they always or most of the time ran out of money before the end of the week or month. Over a third are either falling behind with some bills/commitments or describe themselves as having real financial problems; Those who do manage to keep up with bills/credit commitments describe it as a constant struggle. 4
5 4. 52% of UK adults (26m people) are struggling to keep up with their bills and credit commitments, this comprises: - 31%: I am/we are keeping up with all bills and commitments, but it is a struggle from time to time; - 15%: I am/we are keeping up with all bills and commitments, but it is a constant struggle; - 4%: I am/we are falling behind with some bills or credit commitments; - 2%: I am/we are having real financial problems and have fallen behind with many bills or credit commitments. 26m calculation by the Money Advice Service based on ONS population data: 49,451,024 x 52% = 25,714, Of the 21% of UK adults who experienced a large drop of income in the past three years, 39% attributed it to losing their job, being made redundant or leaving a job due to ill health. 6. Snapshot of money behaviours and habits across the UK regions and devolved nations: NB: According to the Market Research Code of Conduct, when compared against the national average, not all area differences are statistically significant. Table 1: Money worries: This question asked: Thinking about your current finances, you feel... either Comfortable or Concerned. Concerned with current finances Regional & devolved levels versus national level (49%) () Comfortable with current finances Regional & devolved levels versus national level (51%) () Northern Ireland: 56% Scotland 56% Wales 45% Wales 55% Scotland 44% Northern Ireland: 44% London 56% South East 55% East Anglia 54% West Midlands 55% North West 49% North East 54% Yorkshire & Humberside 49% South West 52% East Midlands 49% North West 51% South West 48% Yorkshire & Humberside 51% North East 46% East Midlands 51% West Midlands 45% East Anglia 46% South East 45% London 44% Table 2: Coping financially: This question asked respondents to choose a statement which best describes how well you are keeping up with your bills and credit commitments at the moment? Struggling with bills and credit commitments Regional and devolved levels versus national level (52%) Coping with bills and credit commitments Regional and devolved levels versus national level (39%) Northern Ireland 66% Wales 44% Wales 52% Scotland 43% Scotland 48% Northern Ireland 28% North West 60% North East: 45% Yorkshire & Humberside 53% South East: 44% East Anglia 53% West Midlands: 42% East Midlands 52% South West 42% South West 50% Yorkshire & Humberside 40% London 50% East Midlands 38% South East 49% London 37% North East 45% East Anglia 34% West Midlands 44% North West 31% 5
6 Table 3: being organised with money: This question asked people how strongly they agreed or disagreed with this statement: I am very organised when it comes to managing my money day to day. % of adults who say they are very organised with day-to-day money management Regional and devolved levels versus national level (67%) % of adults who are not very organised with day-today money management Regional and devolved levels versus national level (15%) Wales 72% Scotland 19% Scotland 65% Northern Ireland 18% Northern Ireland 59% Wales 12% Yorkshire & Humberside: 71% North East 18% East Midlands 70% North West 17% South West 69% West Midlands 16% South East 69% East Midlands 16% West Midlands 67% East Anglia 16% North West 66% London 14% North East 65% Yorkshire & Humberside 13% London 65% South West 13% East Anglia 62% South East 12% Table 4: confidence managing money: This question asked people: When it comes to managing your money... are you Confident or do you Lack Confidence % of adults who are confident managing money Regional and devolved levels versus national level (79%) % of adults who lack confidence managing money Regional and devolved levels versus national level (21%) Wales 81% Northern Ireland 26% Scotland 80% Scotland 20% Northern Ireland 74% Wales 19% North West 83% East Anglia 26% Yorkshire & Humberside 82% West Midlands 24% South West 82% East Midlands 23% South East 80% London 23% North East 79% North East 21% East Midlands 77% South East 20% London 77% Yorkshire & Humberside 18% West Midlands 76% South West 18% East Anglia 74% North West 17% Table 5: financial shocks: This question asked people: In the past three years, have you experienced a large drop in your income which you did not expect? % of adults who have experienced a large, unexpected drop in income in the past three years Regional and devolved levels versus national level (21%*) % of adults who did not experienced a large, unexpected drop in income in the past three years Regional and devolved levels versus national level (75%) Northern Ireland 33% Northern Ireland 66% Scotland 21% Scotland 75% Wales 17% Wales 82% North West 22% East Anglia 74% Yorkshire & Humberside 22% West Midlands 76% South West 20% East Midlands 76% South East 21% London 68% North East 19% North East 79% East Midlands 21% South East 76% London 25% Yorkshire & Humberside 76% West Midlands 20% South West 75% East Anglia 22% North West 77% 4% of the population chose I prefer not to say Regional base sizes: N.East: 235, N.West: 622, Yorkshire and Humber: 406, W.Midlands: 429, E.Midlands: 418; East Anglia: 406, S.West: 441, S.East: 705, London: 620, Wales: 257, Scotland: 468, Northern Ireland: 72. *21% of respondents experienced a large drop in their income and 12% experienced an unexpected large expense = 33% 6
7 7. Independent contributors to The Financial Capability of the UK report: Dr. Ivo Vlaev: a Senior Lecturer in behavioural sciences at Imperial College, London. Ivo has led extensive investigations of human judgement and decision-making. Ivo received a DPhil (PhD) in Experimental Psychology from the University of Oxford (and St. John s College) and MSc in Cognitive Science and BSc in Psychology from the New Bulgarian University. Ivo has a track record of research in cognitive science and behavioural economics, which is published in peer-reviewed academic journals, book chapters and government reports. Antony Elliott FCIB : is Chief Executive of the Fairbanking Foundation. Previously he spent over ten years as Group Risk Director of a major retail bank having worked for a number of UK and international banks previously. He has been actively involved in researching the field of financial well-being since 2004 and has a large number of published reports in the area. His research includes the Centre for the Study of Financial Innovation report, Fair banking the road to redemption for UK banks (2009) and he was lead author for the Consumer Financial Education Body (CFEB) report, Transforming Financial Behaviour (2010), examining the role of behavioural economics in improving financial capability. In 2008 he founded the Fairbanking Foundation, which conducts research, provides advice and is a certification body for the Fairbanking Mark. Antony has a degree in Banking and International Finance from City University and a masters degree in Operational Research from Imperial College, London. Ipsos MORI: a leading UK research company with global reach. The organisation is responsible for delivery of the Money Lives and Financial Capability tracker research. Extra media materials available: Customer case studies Media spokespeople from the Money Advice Service About the Money Advice Service The Money Advice Service is an independent organisation. It gives free, unbiased money advice online at moneyadviceservice.org.uk, over the phone on , and face-to-face right across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs. The Service has an independent Chairman and board appointed by the Financial Conduct Authority. The Service was previously called the Consumer Financial Education Body (CFEB). For more information contact: Nancy Baynes at the Money Advice Service: / pressoffice@moneyadviceservice.org.uk 7
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