Can you pass The Big Money Test?
How do you feel about money? Are you an impulsive shopper? Led by Professor Mark Fenton-O’Creevy and published last week by the BBC and the Friends Provident Foundation, The Big Money Test results show that there is far more to managing our money than financial know-how.
What’s The Big Money Test?
In 2011 over 100,000 people took part in the BBC Lab UK’s Big Money Test, a survey launched on the consumer affairs programme Watchdog. The survey, designed by Professor Mark Fenton-O’Creevy of the Open University and Professor Adrian Furnham of University College London aimed to find out how people’s emotions and attitudes towards money, as well as their financial knowledge and education impact on their financial situation.
What are the key conclusions?
Drawing on a large and unique data set, this study found clear links between attitudes and emotions, and people’s success in managing their money. Attitudes to money were found to affect people’s likelihood of experiencing adverse financial outcomes, regardless of their level of financial capability and financial knowledge.
The study also suggested that policy interventions aimed at financial education and reducing financial difficulties should pay greater attention to the role of attitudes and emotions in how people manage money.
Share
Testimonials
Follow us on:
