Financial control 'key to happiness'

Wednesday, June 16th 2010

Financial control, rather than how much money people have, is important to happiness, according to a new study.

A sense of "financial wellbeing" is enjoyed not necessarily by individuals who have large amounts of cash, but rather those who have strong monetary plans in place, the Aviva Feel-Good Insight Study found.

The survey discovered 85 per cent of UK residents with high self-esteem feel they are in control of their finances.

In comparison, of those with poor self-worth, 70 per cent do not feel they have a grip on their cash situation.

Over 40 per cent of people with low confidence also admitted they do not manage to stick to budgets.

Commenting on the findings, Gary Price, marketing director for Aviva, said: "This study shows a strong link between financial behaviour, self-esteem and happiness and proves that those with sensible financial plans in place are happier overall."

A recent study by Consumer Focus found almost one million Britons do not have a bank account and deal only with cash.