What would you do to avoid thinking about your finances?
The answer – most Britons would do virtually anything according to a worrying new survey
Britain is a nation afraid of money, according to a comprehensive survey from MoneyMakingChampion.com.
We would rather have a painful injection, undergo root canal treatment at the dentist, give up on our social lives or even break up with our partner than sit down and plan our finances.
The survey also highlights the extraordinary lengths that people would go to in order to avoid having to think about their monthly income and spending. More than half of respondents would be prepared to eat live insects, attempt a ski-jump, give up sugar completely or go naked in public if it meant they could avoid budgeting.
Meanwhile, more than four in five respondents admitted to be too embarrassed to talk about money or to ask for help in understanding financial terms.
The results of the survey are particularly concerning at a time when household budgets are already under pressure from flat wages and rising prices, a situation economists expect to worsen.
According to recent data compiled by the TUC, the average household debt has risen to almost £13,000 in the UK, the highest amount in almost a decade.
Andy Yates, the founder of MoneyMakingChampion.com, said:
“When it comes to finances most of us are burying our heads in the sand, sticking our fingers in our ears and singing la, la, la loudly in the vain hope that our money problems will magically disappear.
But our finances are in big danger as living standards slump. It has never been more important to stand up, take a fresh and honest view of our finances and explore new ways of balancing the budget by making and saving extra money.”
The survey does provide some hope for the future. The ‘millennial’ generation of 18-34 year olds appears more prepared to tackle its finances, compared to previous generations – perhaps spurred on by rising costs such as rent and student fees.
The only thing that Britons would not give up is their mobile phone – with more than three in four people saying they would rather take a good look at their finances than go without it.
But the survey shows that only two in ten of us keep a regular handle on monthly income and expenditure, while eight in ten of us prefer not to face up to financial reality.
About the survey
Money Making Champion surveyed 1003 UK adults during January 2017.
What would you rather do than sit down and review your monthly finances?
Have a painful injection: 69%
Have root canal treatment at the dentist: 65%
Split up with your partner: 57%
Go out less: 85%
Give up your mobile phone: 24%