Brits compare to marathon runners when it comes to money - Investments - News - Moneyfacts

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Brits compare to marathon runners when it comes to money

Brits compare to marathon runners when it comes to money

Category: Investments

Updated: 31/10/2008
First Published: 01/08/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Going the distance

When it comes to assessing their health and wealth, Brits are working out their wallets more than their bodies. A new survey released today shows that - far from burying our heads in the sand - only three per cent of people claim to never assess their income and outgoings, compared to over a quarter (28 per cent) who never exercise.

As the credit crunch continues to bite, Brits are now being very careful with their money and assessing their finances every day, much like preparing for a marathon or long-distance run.

The survey, conducted by Scottish Widows, looked at the different ways people deal with their money and identified six types of financial athletes. The results show that nearly a third (32 per cent) of people describe themselves as being 'diligent' or 'thrifty' with their dosh and are in it for the longer term (marathon runners).

However, just four per cent don't save anything at all and are prepared to take risks (high jumpers) and a mere six per cent claim to only save when they get a windfall (javelin throwers). Nearly one in five women said they identified with only saving for specific things such as a holiday or a car (long jumpers).

Married couples admit to being the most careful, with 37 per cent claiming to be in it for the longer term, compared to just 24 per cent of people who have never married who identified with the same description.

Scottish Widows identified six types of Financial Athletes:

  • - Sprinters - save up quickly but spend it all just as fast
  • - Marathon runners - in it for the longer term, diligent and thrifty
  • - Javelin throwers - only save when there's a windfall but will also spend lots of money all at once
  • - Hurdlers- lurch from one financial crisis to the next
  • - High jumpers - don't save at all and happy to run risks
  • - Long jumpers - only save for specific things (ie: holiday or a car)

Roger Black MBE, Olympic Silver Medallist and Scottish Widows Ambassador for the London 2012 Olympic and Paralympic Games, says:

"Everyone knows that when you're training for a marathon, you can't try and do it all at once: the way to achieve the best results is to invest over a longer amount of time. The same is true for saving money, and if you build it in to your daily routine you will really reap the rewards in the end. However, because both training for a marathon and financially preparing yourself for the future can be a slow process, it can often be difficult to do it on your own. Getting professional help is a good way of getting the support you need, so that you don't feel that you have to do it all on your own."

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