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New Research Reveals Brits Spend 11 Hours a Week Worrying About Their Finances

New research reveals women have less confidence when dealing with their finances than men and on average we spend up to 11 hours a day (24 days a year) worrying about money.
Finance, Lifestyle - 17 March 2010   Download IconContent available for download:  
Audio | Interview with Rose Spero, editor of Your Little Book of Money and Iain McGowan from Scottish Widows| Login to Download

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New research from Scottish Widows reveals that when it comes to their financial intelligence, more men rate themselves as financially savvy than women. Half of all men rate their financial IQ as “good” or “excellent” (49%), but just a third (34%) of their female counterparts feel the same confidence when it comes to their financial intelligence.

When it comes to the nation overall, nearly half (45%) of Brits feel their financial IQ is “OK, but could be better,” one in ten (10%) rate their financial IQ as poor, and 2% say it is ”non-existent.”

Brits spend an incredible 11.1 hours a week worrying about their finances. This could equate to a person’s working hours for one day a week or 24 entire days a year. And on average, it is young people who worry the most about their financial futures - those aged 18-34 spend the most time worrying at 12.9 hours per week, compared to 11.3 hours among 35-54 year olds and 9.2 hours among those aged 55 and over.

. Introduction:

Are men more intelligent than women? We all have our opinions but when it comes to financial intelligence new research from Scottish Widows has revealed that men consider themselves to be in pole position with 49% of men rating their financial intelligence as good or excellent. However it seems that with intelligence also comes worry with men spending more time worrying about their finances than women at 11.9 hours a week compared to 10.4 hours per week for women.

But do men really have a higher financial IQ or simply a bigger ego?

Joining us in the studio is Rose Spero, the editor of Your Little Book of Money and Iain McGowan from Scottish Widows.

. Suggested Questions:

What does the research tell us about the financial IQ of people in our region?

How many hours a week do people in our area spend worrying about their finances?

How has our financial intelligence changed over the last 18 months?

How can people improve their financial IQ or reduce the time they spend worrying about their finances?

Why have Scottish Widows created ‘Your Little Book of Money’?

Where can we find out more information?