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Who plans for rainy days?

Reading "Britain in 2009" by the Economic & Social Research Council pointed me to an interesting article entitled "Who plans for rainy days?"

The article is from three researchers at the Universities of York and Bristol – David Abbott, Deborah Quilgars and Anwen Jones – who studied perceptions and attitudes towards money and financial planning amongst various segments of society.

Their findings prove interesting:

  • Job security was closely
    linked to worries about people's present and future health.  Less-abled people are particularly vulnerable due to the fact that financial products such as insurance, which might provide some safety net,
    were often not available to them or was at an extra cost that made it hard to save and plan for the future.
  • Being Christian or Muslim had some impact on people's
    attitudes towards money and debt. Christians felt that
    their faith could provide a ‘buffer' against possible risky life
    events whilst Muslims resist debt, or pay it off as quickly as
    possible.
  • Gay,
    lesbian and bisexual people sought jobs
    where they would feel safer from discrimination and increase their job
    security. Most said they didn't believe in a ‘pink pound' and resisted
    pressure to over-spend as part of a so-called ‘gay lifestyle'.
  • Asian
    men prioritise work and working hard as a way of
    obtaining financial security, whilst black people did not
    think that 'being black' had much impact upon their views. 

The research continues, with the first white paper available in full from Forum: Qualitative Social Research.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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