STUDY SHOWS MONEY MAKES US WORRY

A new study from the BBC shows that looking after money isn't easy. Over 109,000 people took part in the BBC's Big Money Test. It was one of the biggest ever studies on the psychology of money. One of the biggest findings is that money makes many people feel bad. Researchers say over 40 per cent of us always worry about spending money; a third of us constantly worry about money; and the same percentage feel guilty when spending money on themselves. The study found that women like to go shopping to make themselves feel better about life, while men are more likely to save their cash. Women are more generous with their money and are also more likely to suffer from money problems.

The researchers also looked at ways shops try and make us spend our money. It showed how stores are continually looking at new ways to make us buy things on impulse. It asks why candies and chocolate are always by the checkout in supermarkets; why "everyday essentials like bread and milk are at the back of shop so you have to walk through as many aisles as possible to reach them;" and why the perfume and jewellery sections are always at the front of a department store. The test says that buying things on impulse can be bad for our finances: "People who bought goods impulsively were three times more likely to go bankrupt, and four times more likely to run out of money by the end of the week."

Sources:
http://www.bbc.co.uk/science/0/21360144
http://www.bbc.co.uk/news/magazine-21537359

TALKING POINTS:

• About how much did you spend on presents last year?
• About how much do you usually spend each day?
• Are you a price conscious shopper?
• Are you good at saving money?
• Are you saving money to buy something?
  • If so, what are you planning to buy?
  • How much will it cost?
  • How much longer will you need to save before you can buy it?
• Do banks pay a higher percent of interest here or in your country?
• Do you compare prices at different stores when you shop?
• Do you enjoy shopping?
• Do you ever buy second-hand things? ("used things")
• Do you ever give money to charity?
  • How often do you give to charity?
  • How much do you give?
• Do you gamble?

SOURCE: http://iteslj.org/questions/money.html