A study of 2,000 adults has revealed that the most valuable piece of financial guidance Brits can receive is to “pay your bills and stay out of debt.” Other popular financial pearls of wisdom include “save for a rainy day,” “stick to a budget,” and “be open with your partner about your spending habits.”
The research, commissioned by financial wellbeing provider Wagestream, identified various nuggets of advice that people find helpful when it comes to managing their money. Suggestions such as “don’t do food shopping on an empty stomach,” “sleep on a big financial decision,” and “ask for help” were also deemed valuable.
Approximately 83% of adults are open to seeking assistance from others regarding their finances, considering financial advisors, banks, and parents as approachable sources of guidance. Parents and grandparents were viewed as the wisest in financial matters, with 38% of respondents stating that the best advice they ever received came from them.
However, when financial help is needed, around 30% would turn to a financial adviser or their bank, while just over a quarter would seek advice from their parents or grandparents, and one-fifth would search for answers online.
While 60% of respondents believe there is a support gap for adult financial guidance, almost two-fifths perceive financial advice as being primarily for wealthy individuals. Additionally, 83% of workers would have liked to receive more financial education after leaving school, with around half expressing the desire for their employers to provide greater access to confidential advice.
The study also highlights the impact of financial worries on individuals’ health. Over two-fifths of respondents reported that their mental health had suffered due to financial concerns, leading to anxiety, stress, depression, difficulty concentrating at work, and sleep problems. Furthermore, 60% of those affected experienced physical health issues such as nausea, headaches, and muscle pain.
Peter Briffett, CEO and co-founder of Wagestream, emphasized the need to address the financial education gap, stating that poor financial wellbeing is not only a health crisis but also an economic crisis. Briffett believes that organizations should provide support, and employees should be able to rely on trusted financial guardians, such as their employers, to close the support gap.
The top 30 financial pearls of wisdom identified in the study range from practical advice on budgeting, saving, and debt management to suggestions about family finances, investments, and decision-making.
Sam Allcock is the CEO of PR FIRE – PR & Content Marketing Platform
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