Makingcents of Money… Survey Results

With everyone more conscious about their money and savings, Makingcents.ie asked 1,000 people about managing their money and their feelings around financial terms.

Here is a snap shot of some of the results:

- On managing their money: half of our respondents create monthly budgets to better manage their finances. However, of those who do up a budget, only 15% tend to follow it strictly, an additional 57% follow their budget to some extent, while 28% do not stick to their budgets.

-In terms of planning for the future and retirement, half (50%) of our respondents have already started planning for their retirement.  45% of those aged between 35-54 haven’t started planning for their retirement yet. Additionally, females are less worried about their own retirement security than males.

-On the other hand, when it comes managing finances on a day-to-day basis, females are perceived to be much better at handling money when compared to males: while 16% of the public quote males to be better at handling money, 42% feel it’s women who are better with money.  The remaining 42% feel that both genders are equally good at managing finances.

-When it comes to understanding financial jargon, we found that two-thirds struggle to understand financial terms when dealing with their financial institutions. Females tend to be less savvy about financial terms than males (with 73% of females versus 63% of males finding financial jargon confusing).