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The Great British public is more comfortable talking about politics than about money, new research has found. The findings mark the launch of the Connected Money app that aims to help the nation have a better relationship with their money.
HSBC UK, in partnership with YouGov, has found that people can be segmented into eight attitudinal segments, with each segment possessing unique attitudes and characteristics that inform how we manage our money. For the very first time people can identify their own financial personality through the Bank’s free, online ‘Bank-Life Balance’ test. The test is part of a comprehensive study into financial behaviour that draws upon insights gathered from over 9,000 British consumers.
Becky Moffat, Head of Personal Banking and Advance, HSBC UK says: “Brits are notoriously reluctant to talk about money and this can impact our financial behaviour. 45% only check their main bank account once a week or less and one in ten only check it once a month.”
“We want to encourage Great Britain to start thinking about how their financial personality could affect how you manage our money, which is why we’ve released the Bank-Life Balance test. I found out that I am a ‘Driven Achiever’, I think my natural desire to spend has been softened over the years!”
The research also found:
· Most people in Great Britain are what the Bank calls ‘Trend Spenders’, who tend to be ruled by their heart and aren’t scared to stretch their finances to maintain their lifestyle.
· London over-indexes on ‘Driven Achievers’ compared to the national average. These are people who spend time doing their research, allowing them to make savvy decisions and are comfortable pushing their financial boundaries if they think there’s going to be a pay-off.
· Millennials are most likely to be Sensible Sages. They tend to be very considered and they see no point in getting into debt unless they can pay it off in full every month.
The Bank has released the test to coincide with the roll out of its Connected Money App, which lets customers see accounts from different banks on one screen.
Raman Bhatia, Head of Digital Bank, HSBC UK said: “The test showed me that I am a Trend Spender, so it really doesn’t surprise me that 55% of people like me admit to making impulse purchases”.
“As one of the UK’s biggest retail banks we have a responsibility to make banking simpler and easier. Bank-Life Balance is one way we are doing this in addition to Connected Money. The app provides a joined up view of your financial life, no matter who you bank with, all in one place. Through all of these efforts we remain committed to helping help customers have a better relationship with their money”.
One person who has taken the test is Em Sheldon, founder of fashion blog Em Talks and HSBC UK customer. She says, “I took the Bank-Life Balance test and it is a really good way to figure out your financial personality. I got told that I’m a Sensible Sage, which means I’m always looking for a bargain and apparently I’m more likely to seize opportunities”.
“I now also use the HSBC UK Connected Money app and it is amazing. It means that you can really track your spending and really see where you’re spending. For example, I tend to spend most on transport and eating.”
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