Third of people ‘have low or no confidence in their financial abilities’
People who lack confidence in their finances could be missing out on seeing their money grow, according to TSB.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.More than a third (35%) of people have low or no confidence in their financial abilities, a survey has found.
Financial jargon and complex terminology leave 30% of people finding financial products and services confusing, according to TSB’s money confidence barometer.
People who lack confidence in their finances could be missing out on seeing their money grow, according to the research, based on a survey of more than 5,000 people.
A third (34%) of people with high money confidence are putting money into long-term savings or investments, dropping to 19% of those with no confidence.
Robin Bulloch, chief customer officer at TSB, said: “As we come out of the pandemic it’s important we continue to build people’s confidence levels to help them manage their money.”
Here are some tips from TSB for managing money:
1. Do the maths.
Write down your essentials such as utility bills, food, rent/mortgage and anything else such as credit card or debt repayments. Focus on your average spending per month so you understand what your future spending might look like.
2. Make a budget.
Set yourself a monthly and daily budget. Having an end target or goal in mind can help with motivation. On payday, put your savings money aside in a separate account so you will not miss it.
3. Choose the right accounts for you.
For example, do you need an account you can dip into from time to time or would you like to lock away some savings to stop the temptation of dipping in? Some accounts offer features that take out the hassle of transferring money – such as “round the pound” features which round up transactions to the nearest pound and move your spare pennies into a savings account.