In a blow to men’s egos up and down the country, new research has found that women are much less likely to panic about their finances and seek advice than their male friends and family.
Research by UK Treasury-backed NS&I found that 75% of Brits generally worry about their cash flow, yet 40% of them admit to spending more time fretting than taking action, and of those who are worried about the state of their budgets, men make up the majority.
In total, 45% of men surveyed said they spend more time worrying about their finances than actually making beneficial plans, compared with just 37% of women.
But if those who chose to fret rather than react to mounting debts or general money woes need more reason to change their tune, researchers also found that people who plan their finances save almost double the amount each month than those who stress.
“Worriers” typically put £53.47 aside each month, while those who plan more manage to save an average of £104.39, added NS&I. This equates to around £600 more each year being set aside by those who plan their savings – the equivalent of a standard rate gas and electricity bill for around six months or a shiny new plasma TV.
"Britons seem to be getting into a cycle of financial fret. Time is spent worrying instead of focusing on money management and finances suffer as a result, causing more stress,” said John Prout, NS&I savings spokesman.
As well as the male/female divide in terms of financial action, NS&I also uncovered several other interesting financial facts about the UK as a whole, including:
- 10% of people who worry about their finances on a daily basis only actually check the state of them once a month.
- 25% of those who manage their finances will regularly monitor different accounts to ensure they are getting a competitive rate
- 25% of those surveyed do not worry about their finances at all, and more than half of these people use price comparison sites or vouchers to save cash.
- Roughly 30% of those who do not worry about money at all trawl a selection of shops to compare prices before parting with their cash and a quarter said they try to take more time-consuming but cheaper forms of transport.