October 2019
Featured in this insight: Financial services
Revealed: Top 5 signs you've reached 'financial maturity': Have you reached financial maturity? A survey of UK adults has revealed the top indicators that you have - with having a regularly paid-into savings account the top sign for two thirds of respondents (66%).
The research by lender, Zopa, asked respondents about the key indicators signalling that a person had become financially mature, with a pension plan selected by more than half of those polled (55%) and 'shopping around' before buying goods (53%) ranking in second and third places respectively.
Never going into an overdraft (49%) and paying off credit card bills every month (45%) made up the top five with other indicators including using loyalty cards (45%), having a 'rainy-day' fund and knowing what your bank balance is at any given time (40%).
The poll of 2,000 UK adults also found that not lending to friends if you know you'd be unlikely to get it back (37%) as well as choosing a packed lunch over eating out at work (31%) were tell tale signs that a person had reached financial maturity.
Men, found the poll, are likely to feel in control of their finances by age 29, while for women it was a little later, at age 33. The survey also revealed that by their mid thirties, Brits were spending less money on going out socially than when they were younger, while 57% of over 35s said they are more likely to spend an evening at home rather than going out.
Top 10 signs you’re financially mature, according to Zopa's poll
- A savings account you regularly pay into
- Pension plan
- Shopping around for the best deals
- Not needing to use an overdraft
- Paying off credit card bills every month
- Using loyalty cards
- Saving in a “rainy day” fund
- Knowing you bank balance at any given time
- Not lending to friends if you think you're not likely to get it back
- Taking a packed lunch to work
