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Alvin Hall Comments On Brits Money Mismanagement as Miscellaneous Spends Start to Add Up

A new survey has painted a worrying trend in how we’re managing our money. While Brits might be steering clear of big high-end purchases, we’re spending more on the little things in life
Finance - 19 April 2011   Download IconContent available for download:  
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  News Hooks:

A new survey has revealed that the money management of Brits isn't what it used to be. More are now making regular 'miscellaneous spends' on morning coffees and expensive lunch breaks (39%), clothes (41%) and dining out (49%) – and because these single purchases don’t have a big impact on their bank balances, they are not tracking their spending sufficiently.

More than half of 18-24 year olds (62%) spend most of their money on going out to restaurants and bars, compared to less than half (42%) of over-55's; with a steady decline in spend as those surveyed get older. One in ten (12%) 18 to 24 year olds avoid looking at their bank statements altogether. More than a third (34%) of young British adults said that they tried but often failed to take control of their finances.

Nearly a quarter (23%) of women review their finances less than once a week, compared to a fifth (20%) of men. The most likely spend for women is on clothes (48%), while the majority of men prefer to pay for meals out and drinks (53%). More than three quarters (80%) of those surveyed say they review their spending online on a regular basis. Three-quarters of over-55's go online to manage their money at least once a month, with less than half (42%) still managing their money via a monthly statement.

. Introduction:

In these times of austerity, it’s surprising to find that many of us are not tracking our spending sufficiently. High end purchases have been replaced by multiple miscellaneous spends as we treat ourselves to morning coffees and daily lunches, shopping trips and dining out. A new survey has revealed that one in ten 18 to 24 year olds avoid looking at their bank statements altogether - painting a shocking picture of how younger generations of Brits are managing their money.

So, what does this mean for our bank balances? And are the younger generations really a lost cause financially?

Joining us to discuss this further is Alvin Hall, an award-winning financial writer, presenter and money management expert.

. Suggested Questions:

What has the research found about people's money management in our area?

Why do you think many of us are so bad at managing our finances?

Why does there appear to be a generation gap in how we track our outgoings?

Is there more we could do to educate the younger generation about managing their money?

What tips would you offer to those who regularly struggle to make ends meet at the end of each month?

Where can our listeners find out more information?