Right On The Money
BBC personality test finds four key attitudes to money in Great Britain: Status spender, Independence seeker, Generous indulger and Secure saver
The BBC today launched an interactive iWonder test to shed light on people’s relationship with money and coincides with the first episode of Right On The Money: Live broadcasting on BBC One. The test is based on a scientific survey of more than 100,000 people, which looked at their attitudes to money and what financial consequences this could have, and it is available at bbc.co.uk/rightonthemoney
The data was gathered as part of the Big Money Test, an online survey published by the BBC in 2011 as part of a collaboration between the BBC and the scientific community, BBC Lab UK. This particular survey was created by University College London, Open University and the BBC.
Professor Mark Fenton-O'Creevy (The Open University) and Professor Adrian Furnham (UCL) analysed the results and from these they identified four money attitude categories, and calculated the risks of these money attitude types running into financial trouble. Their scientific findings are the basis of the interactive test.
Sinead Rocks, Head of BBC Learning, said: “Our BBC iWonder content seeks to explore different perspectives on questions sparked by everyday life, through BBC programmes and current events, and money attitude is something that truly affects everyone. We hope this interactive test alongside Right On The Money: Live will start important conversations and provide practical ideas and advice for people to save money.”
Professor Mark Fenton-O'Creevy from The Open University said: “Our research with BBC Lab UK looked at the psychological and emotional relationships over 100,000 people from across the UK have with their money. We found that the kinds of relationships people have with their money are strongly related to the likelihood that they suffered from financial difficulties, ranging from problems like making money stretch to the end of the week or month, to more extreme outcomes such as bankruptcy.
The BBC’s interactive test uses a group of questions about your relationship to money that, together, we found to be good at identifying people likely to have greater levels of financial difficulty. It tells you something about the kinds of financial difficulties experienced by people in our research with a similar profile to you. It should also help you think about the kind of relationship you have with your money and whether this is something you would wish to change.”
The online test places the user in one of four categories, and it also reveals whether they are at higher or lower risk of having money troubles. Appropriate advice and tips are given at the end of completion.
The four attitudes to money
Risk of money troubles
The last two questions in the interactive test look specifically at unhealthy money habits. In the scientific survey people who recognised lots of these behaviours had a higher risk of money troubles.
Around 56% of the people in this group ran out of money before the end of the week or month, and needed to use their credit card or overdraft to get by.
The analysis from the Big Money Test was first published in Personality and Individual Differences 31st October 2012.