Credit crunch or no credit crunch, Britons can't be bothered with money
Survey reveals that many people aren't motivated to manage their finances
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Despite the recession and the credit crunch, millions of Britons still find managing their finances "too boring" and feel they don't have the time to budget, a report from Bettermoneyskills.com has suggested.
Some 24 per cent of the adults surveyed by the money education website said they simply didn't have the time or the inclination to keep track of their finances. No wonder, then, that seven out of 10 said they had no idea how much money went out of their bank accounts each month. Of those who did know how much they were spending, nearly a third reported that their outgoings were higher than their income.
"The research indicates that many consumers are in denial about their financial situation because they don't have the basic financial skills they need, and don't know how to go about getting them," said Fiona Wilkinson, the head of corporate communications at Visa UK.
Ms Wilkinson's analysis seems to be borne out by the evidence from the survey, with half of consumers in the 18-35 age range admitting that they do not know what an annual percentage rate is. What's more, when a range of personal financial terms were put to the consumers, around a quarter did not know what a single one of them meant.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments