The Credit Crunch has effected many of us in many ways, the most widespread being the amount we can afford to spend on the entertaining things in life. It may come as a surprise then to learn that psychologists say the economic slowdown has created a new class system consisting of six different types of people – shrews, ostriches, deniers, alarmists, drifters and opportunists.
Shrews, which cover 43% of Britons, are the type of individual that is well aware of the credit crunch and budgets their expenditure accordingly. 29% of Britons are drifters who are also aware of the credit crunch but are not concerned because they do not pay their bills. This statistic includes those too rich to care and people at the opposite end of the scale on benefits. The smallest group are the opportunists, who see the financial crisis as a chance to pick up cheap property as the average house price continues to fall.
Manchester University’s Professor Geoff Beattie, who carried out the research, said ‘While the majority of people claim to be shrewd savers, many are burying their heads in the sand when it comes to their financial situation.’
‘It is understandable that people bury their heads in today’s turbulent financial market’ said Sarah Walford of www.revivalforyou.co.uk – ‘but with UK consumers having to pay £257m in interest per day, it is clear that the sooner you deal with your money worries, the better.’