EXCLUSIVE: New online tool reveals your real relationship with money
TD Direct Investing has launched a new tool to help people better understand their relationship with money and in turn make better investment decisions.
Britain’s Money Management Barometer, created in partnership with Leeds Business School, features a series of questions specifically designed to uncover how consumers spend, save and seek information.
At the end the tool provides participants with a score that determines how good their relationship with money is – based on their perception versus their actual behaviour.
According to Dr Martin Samy, an expert in research and financial literacy at Leeds Business School, many people’s financial hardships are due to a misunderstanding of their relationship with money.
“Relationships (of any kind) are created through the two factors of perception and behaviour. It is the difference between how you perceive yourself and how you act that provides you with an index or score that simply assesses your relationship with money and, in turn, helps you to make effective financial decisions,” he said.
“The Barometer has been developed to support personal reflection on the current situation- this isn’t about providing financial advice, but helping people to have an understanding of their own relationship with money.”
The Barometer is live on the TD website and can be accessed here.
The results of the survey will be analysed by money psychologist Dr Kim Stephenson exclusively for Your Money readers and will provide participants with insight into their own behaviours as well as how they compare to the rest of the UK.