How confident are you at managing your money? 💰

According to a study by TSB, a third of Brits feel confused about financial products and services, which has led them to have low or no confidence in their financial abilities!
Those with low confidence are less likely to invest their savings to make their money go further.

TSB also revealed factors that contribute most towards feeling money confident (or the biggest barriers to not feeling money confident) include:

  • Being able to make the right financial decisions
  • Being able to understand financial concepts, products and services
  • Knowing how different financial products and services work
  • Having a good understanding of what different financial terms mean
  • Being happy to put in effort to research different financial options
  • Feeling comfortable talking about money with friends and family

How would you rate your money confidence on a scale of 1-10? Do you agree with the factors listed above?

Let us know what you think and if you would like to add more information :point_down::point_down::point_down::point_down::point_down::point_down:

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Good advice. I defo find it daunting sometimes to openly talk about money in front of others. Needs to change tbh. I’d say my confidence is 7/10

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Thanks for responding Aran!

I would say I’m about an 8/10.

I agree with TSB with regards to a number of the factors - I’m big on family and I’m glad I was raised to openly talk about my finances, my family’s finances. It’s really important to nurture that in my opinion, and I was lucky enough to have had that growing up.

School (having double majored in Economics and Finance) definitely gave me confidence in my understanding of finance in theory. My personality to want to ‘find out more’ also I would say plays a part too.

At the end of the day, I still think family has had the biggest impact on me when it comes to finance. Like yeah sure, you can understand finance in theory, but if you don’t have someone comfortable to talk about it with, I think it won’t give you that extra push.

Everyone’s different though, and this is my experience and journey with personal finance. Looking forward to reading everyone else’s answers! :bulb:

I’d agree with TSB, it’s very difficult to talk about these things openly with people without them getting scared at the thought of money! People have low confidence for a multitude of reasons from lack of financial education, personal experiences to lack of interest.

I’d hope these things can change and think education is the start. Hopefully education then sparks debate where people can learn.

I’m fortunate to have been taught about money by my parents, but majority of my knowledge comes from my accounting and finance background for work. To me, it comes naturally now, but I had to learn at some point! Everyone should have the opportunity to have financial education so they can take control of their finances.

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Thanks for that @Akash!

What about you guys?

@Sam @priezz @Angela

I used to be completely lost with all the financial jargon and it took me 7 years working in the financial industry to understand what’s behind these concepts.

Now I can finally say that my confidence is at 10 :dizzy: