Penny for your thoughts
In autumn 2007 we asked you about money. How well did you manage your cash, and how easy has it been to get credit when times are hard? From budgets to debt busting, here are your thoughts.
- 651 participated in the survey;
- 71% of respondents were female;
- Every participant was aged between 16-24, but 18-21 year-olds were the best represented age group.
When asked about cash flow, just 6% of you said you managed your money by sticking to a fixed budget. The most common scenario, identified by 44% of you, was to keep an eye on your finances without having a proper budget. Two in ten of you didn't take much notice of your outgoings just keeping your fingers crossed with the hope you didn't run out of funds.
Most of you, 77%, welcomed help with finances from friends and family. But while 37% of you were happy to openly discuss your bank balance, 40% of you were taking advice without actually sharing your financial information.
What are your sources of financial advice?
- Bank/building society:60%
- Citizens Advice Bureau:20%
- Independent financial advisor:17%
- Debt advisors:14%
Eight in ten of you told us that the most helpful source was your parents. The second most useful resource was the internet, followed by the CAB.
Most of you were familiar with credit as only 20% of you told us you'd never had access to it. For the remaining 80% of you, the most popular source of credit was a bank overdraft which 79% of you had access to, but just 59% of you were actually using. 40% of you had a credit card and 30% were reliant on a student loan. A quarter of you had taken out personal loans and 18% had been tempted by a store card. Only 8% of you had a mortgage.
Is it too easy to get credit? At the time of this survey, 65% of you found it easy to access extra funds and the same percentage thought it should be more difficult to do so. 13% of you didn't have an opinion on the issue.
Worryingly, more than two thirds of you told us you've been encouraged to take out credit that you either couldn't afford or didn't want. Of this number, 83% of you had been asked to sign up to a store card, 77% of you had received information by post and 49% of you had received requests via email.
A third of you had debt related problems when you completed the survey. Below are the areas of your life which you said had been negatively affected by debt.
Negatively affected by debt
- Mental health:53%
- General health:44%
- Romantic relationships:44%
- Relationships with parents:42%
- Academic studies:36%
- Relationships with friends:31%