ESRC: Are some better at financial planning than others? - Does planning ahead all depend on how much money you have – the rich can afford it and the poor can’t? Or is it as much about what your background is and the social and cultural groups that you belong to? Researchers, funded by the Economic and Social Research Council, from the Universities of York & Bristol talked to people aged 25-50 who were in one of four different groups.
Across all four groups, how much money people had still made a big difference to their ability to plan ahead. However, views and behaviour were also affected by other factors: the way their parents had dealt with risk, the balance between work and other aspects of life they aimed at, and their beliefs about how much help people can expect from the government.
For religious groups and ethnic minorities, parental traditions were important. All the religious groups, ethnic minorities and gay people tended not to expect much help from the government if they hit hard times.
Find out more about this and other related research at an international conference on Risk in Societal and Inter-Generational Perspective in London on 17 June 2008 at the Royal Society for Engineering.