How early on were you taught to save?
Interestingly, 32% of people were brought up never to spend more than they earned. This suggests that parental advice and guidance is very significant in how well a person manages their money as an adult. Additionally, 23% were taught to take care of commitments and bills before anything else. While tellingly only 12% were taught to save a small portion of their earnings.
In terms of money, what was the most important thing you learned as a child?
1. Never to spend more than I earn (32%)
2. Firstly, always take care of your commitments/bills (23%)
3. I didn’t learn much about money (14%)
4. Money come through hard work (14%)
5. Always save a small portion of my earnings (13%)
6. Other (4%)
Yanis Zisis, Digital Marketing Manager at Paymentsense commented: “There’s no denying it – it’s harder to save now than it’s ever been. As a result, many of us are falling back on credit cards and loans to keep ourselves in the black. It’s essential for consumers to focus more on budgeting. Start small but think big. First, work towards a smaller budget goal – like saving one month’s salary. Then try setting aside two and then three month’s pay. Prioritise expenses and see how far you can go.”