A quarter of Brits are 'silent savers' who keep their financial affairs private - with just one in 20 an 'open book' when it comes to money matters.
A poll of 2,000 adults also revealed 18 per cent identify as a ‘cautious calculator’; a careful planner and meticulous mathematician when it comes to their finances.
And 12 per cent were a ‘casual conversationalist’, discussing money in a relaxed manner and sharing personal experiences.
According to psychologist and broadcaster Dr Linda Papadopoulos, the research showed that typically Brits tend to look to avoid conversation around money, despite 50 per cent believing it’s a positive thing to talk openly about it.
Speaking in collaboration with KPMG UK ahead of National Numeracy Day on Wednesday, 21st May, Dr Linda said: “The research has shown a real mix of confidence when it comes to finance and dealing with money.
“And confidence is key – this isn’t just about maths; numeracy is all around us in every way. We’re always dealing with numbers in some form in our lives.
“The good news is, many do rate their understanding, but as soon as things get a little complex, confidence levels drop.
“Talking about numeracy and financial topics more frequently would absolutely help people to build confidence, hearing whether other people thrive or struggle – and enable one another by listening and lending a helping hand.”
When provided with 10 personality approaches to money, only three per cent considered themselves an ‘oversharing optimist’ and four per cent a ‘competitive comparer’.
Respondents are most comfortable speaking to partners (46 per cent), family (20 per cent) and friends (10 per cent) about money but only one per cent would openly discuss it with a work colleague.
And when it does come to chatting about finances with friends and family, 24 per cent do so only a few times a year.
Three in 10 wish they were more comfortable talking about money with others according to the OnePoll data.
More broadly, 88 per cent said they were confident in their ability to work with numbers, but 37 per cent did admit to struggling to understand financial documents such as utility bills and bank statements when it comes to numerical complexity.
While 49 per cent said they openly talk about financial topics such as the value of money (61 per cent) and encouraging responsible spending habits (52 per cent) with their children to increase their exposure from an early age.
And despite a generally strong understanding of numbers, 35 per cent do find themselves short of cash at the end of each month, with 23 per cent lacking funds halfway through.
Typical reasons included unexpected costs (38 per cent), high bills (33 per cent) and not enough income to see them through (29 per cent).
However, a lack of savings, bad budgeting and money mismanagement equated to 28 per cent of reasons why.
With 30 per cent of those polled saddled with a form of debt, such as a credit card, mortgage or loan.
Bina Mehta, chair at KPMG UK, which commissioned the research, said: “Number confidence can have a significant impact on our lives, especially when it comes to understanding ‘everyday’ numbers like mortgage or credit card interest rates.
“Good numeracy skills can improve confidence with financial decision making, enhance job prospects, and even guard against vulnerability to fraud and debt, all of which contributes to a healthier and more inclusive economy.”
Sam Sims, chief executive at National Numeracy, added: “This research highlights just how deeply personal our relationship with money is - and how confidence with numbers shapes our financial decisions.
“While it’s encouraging that so many people feel confident with numbers, the reality is that millions are still struggling with budgeting and understanding bills and financial documents.
“We know that boosting numeracy isn’t just about being better at maths - it’s about building the confidence to face everyday financial challenges and make informed decisions.
“That’s why National Numeracy Day exists: to inspire people to feel good about numbers and take that first step towards improving their skills - because better numeracy can lead to better opportunities, and brighter futures for everyone.”
TOP FIVE MONEY PERSONALITIES BRITS RELATE TO MOST
1. Silent Saver - Prefers to keep financial matters private, rarely discussing savings or investments with others.
2. Cautious Calculator – A careful planner and always analyses financial decisions, often creating detailed budgets and tracking expenses meticulously.
3. Casual Conversationalist – Discusses money in a relaxed manner, often sharing personal experiences and anecdotes without much concern for details.
4. Reluctant Realist - Talks about money with a pragmatic approach, acknowledging financial challenges and limitations.
5. Generous Mentor – Loves to share financial advice and tips, often helping others with budgeting and investing.
ENDS
