Best pieces of money advice revealed - including 'save for a rainy day'

© Peter Dazeley/Getty Images Stay out of debt is best piece of financial advice

Other nuggets of advice deemed helpful when it comes to money include “don’t do food shopping on an empty stomach”, “sleep on a big financial decision” and “ask for help”.

While others have been warned to “pay off debts rather than spend on luxury items” and not to “make financial decisions while feeling angry”.

More than eight in ten adults are happy to go to others for help with money, with financial advisors, banks, and parents all considered approachable.

Alex Partridge, Wellbeing Ambassador at financial wellbeing provider Wagestream, which commissioned the research, said: “When you’re young, it is easy to ignore advice from others about money – but it is important to consider financial planning from a young age.

“These pearls of wisdom are a great start for anyone feeling overwhelmed by money stress – and a reminder that financial education is most effective when it’s timely, personal and easy to put into action.”

The study found many of those who have looked to others for advice have been told to both stretch themselves financially at a young age and set realistic saving goals.

“Never go into business with family or friends”, “never lend money to family or friends” and “invest in property” also feature in the list.

© Ute Grabowsky/Getty Images Children should be taught the value of money

Parents and grandparents are seen as the wisest financially, with 38 percent saying the best advice they ever got was from them.

But when financial help is needed, around 30 percent would go to a financial adviser and the bank, while just over a quarter would go to parents/grandparents, and one-fifth would search Google for answers.

And of those that would not go to someone for advice, almost 30 percent are already confident managing their own money, while almost one-fifth would not trust someone else.

Of those polled by OnePoll, 60 percent agree there is a support gap for adult financial guidance, while almost two-fifths see financial advice as “mainly for wealthy people”.

And 83 percent of workers would like to have received more financial education after they left school, with around half wanting their employers to give more access to confidential advice.

One in ten are concerned that looking for financial advice will be expensive, and within this there is a huge gap in money confidence – seven percent of those with no savings feel confident with their money, while half of those with £10,000+ feel confident and don’t feel they need any help.

© Lewis Mulatero/Getty Images Saving money for a rainy day is good advice

The past year of economic uncertainty for many has not helped, as 46 percent have been worried about their financial wellbeing and 40 percent feel less financially stable as a result of the pandemic.

All this money worry has had a serious impact not just on finances, but on health as well, with over two-fifths noticing their mental health suffering due to financial concerns, leading to anxiety, stress, depression, the inability to concentrate at work and problems sleeping.

And of those, a huge 60 percent have seen their physical health suffer as a result, feeling nauseous, getting headaches and even experiencing muscle pain.

Peter Briffett, CEO and co-founder of Wagestream, which recently launched a confidential financial coaching service for UK workers’ added: “The financial education gap has been too big, for too long.

“Poor financial wellbeing is not just an urgent health crisis, it’s also an economic crisis – impacting people and employers across the country.

“We know that organisations want to do more, and now we know that people want that support from financial guardians they trust – like their employer. It’s time to close the gap.”

TOP 30 FINANCIAL PEARLS OF WISDOM:

  1. Pay your bills and stay out of debt
  2. Save for a rainy day
  3. Start saving at a young age
  4. Spend less than you earn
  5. Avoid credit cards if you can help it
  6. Stick to a budget
  7. Pay off debts rather than spend money on luxury items
  8. Pay off your mortgage as early as you can
  9. Teach your children the value of money
  10. Don’t do food shopping on an empty stomach
  11. Save first, spend later
  12. Don’t spend it all after payday
  13. Teach your own children to budget from an early age
  14. Plan for retirement rather than burying your head in the sand
  15. Sleep on a big financial decision
  16. It’s okay to ask for help
  17. Never lend money to friends or family
  18. Be open with your partner about spending habits
  19. Set a savings goal
  20. Invest in property
  21. Never go into business with family or friends
  22. Put ten percent of everything you earn into savings
  23. Start thinking about your retirement before your boss does
  24. Don’t make financial decisions when you’re angry
  25. Invest in stocks and shares
  26. Don’t spend it all in one place
  27. Spend half, save half
  28. Stretch yourself financially at a younger age
  29. Don’t work long hours, save it for when the children have left home
  30. Invest in cryptocurrency
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