Are you a ‘financial freewheeler’ or an ‘anxious avoider’? Take the quiz to find out your financial personality. The tool will ask you a series of questions based on your approach to conversations around cash in the bank and reveal one of four outcomes.
It follows research which revealed a quarter of Brits are ‘silent savers’ who keep their financial affairs private – with just one in 20 an ‘open book’ when it comes to money matters. A poll of 2,000 adults also revealed 18% identify as a ‘cautious calculator’; a careful planner and meticulous mathematician when it comes to their finances. And 12% were a ‘casual conversationalist’, discussing money in a relaxed manner and sharing personal experiences.
According to psychologist and broadcaster Dr Linda Papadopoulos, the research showed that typically Brits tend to look to avoid conversation around money, despite 50% believing it’s a positive thing to talk openly about it.
Speaking in collaboration with KPMG UK ahead of National Numeracy Day on Wednesday, 21st May, Dr Linda said: “The research has shown a real mix of confidence when it comes to finance and dealing with money. And confidence is key – this isn’t just about maths; numeracy is all around us in every way. We’re always dealing with numbers in some form in our lives.
“The good news is, many do rate their understanding, but as soon as things get a little complex, confidence levels drop. Talking about numeracy and financial topics more frequently would absolutely help people to build confidence, hearing whether other people thrive or struggle – and enable one another by listening and lending a helping hand.”
When provided with 10 personality approaches to money, only 3% considered themselves an ‘oversharing optimist’ and 4% a ‘competitive comparer’. Respondents are most comfortable speaking to partners (46%), family (20%) and friends (10%) about money but only 1% would openly discuss it with a work colleague. And when it does come to chatting about finances with friends and family, 24 per cent do so only a few times a year.
Three in 10 wish they were more comfortable talking about money with others according to the OnePoll data. More broadly, 88% said they were confident in their ability to work with numbers, but 37% did admit to struggling to understand financial documents such as utility bills and bank statements when it comes to numerical complexity.
While 49% said they openly talk about financial topics such as the value of money (61%) and encouraging responsible spending habits (52%) with their children to increase their exposure from an early age.
And despite a generally strong understanding of numbers, 35% do find themselves short of cash at the end of each month, with 23% lacking funds halfway through. Typical reasons included unexpected costs (38%), high bills (33%) and not enough income to see them through (29%).
However, a lack of savings, bad budgeting and money mismanagement equated to 28% of reasons why. With 30% of those polled saddled with a form of debt, such as a credit card, mortgage or loan.
Bina Mehta, chair at KPMG UK, which commissioned the research, said: “Number confidence can have a significant impact on our lives, especially when it comes to understanding ‘everyday’ numbers like mortgage or credit card interest rates.
“Good numeracy skills can improve confidence with financial decision making, enhance job prospects, and even guard against vulnerability to fraud and debt, all of which contributes to a healthier and more inclusive economy.”
Sam Sims, chief executive at National Numeracy, added: “This research highlights just how deeply personal our relationship with money is – and how confidence with numbers shapes our financial decisions.
“While it’s encouraging that so many people feel confident with numbers, the reality is that millions are still struggling with budgeting and understanding bills and financial documents.
“We know that boosting numeracy isn’t just about being better at maths – it’s about building the confidence to face everyday financial challenges and make informed decisions.
“That’s why National Numeracy Day exists: to inspire people to feel good about numbers and take that first step towards improving their skills – because better numeracy can lead to better opportunities, and brighter futures for everyone.”
