But more than half (57 percent) are determined to plan better in 2023, with 25 percent believing they’ve learnt from financial mistakes they’ve made in the past.
Although nearly a quarter (24 percent) wish they didn’t have to think about money all the time.
It also emerged 37 percent are keen to improve their financial wellbeing this year.
Financial expert Emmanuel Asuquo, working with Comparethemarket.com to mark the launch of new character Carl, a well-intentioned wombat prone to making questionable money decisions, said: “Interestingly, the research highlighted that many (38 percent) rarely think about their approach towards money.
“Becoming more self-aware of your ‘financial spirit animal’ could be a great tool for improving your financial wellbeing by recognising strengths and weaknesses in managing your money.”
With 37 percent keen to improve their financial wellbeing this year, Comparethemarket.com, together with psychologist Hope Bastine and Asuquo have identified seven familiar financial personas.
These include the Wolf, Ostrich, Wombat, Camel, and Meerkat – together with their individual traits and advice.
The study found Brits are most likely to identify with the ’Meerkat’ money persona (36 percent) – always on the lookout for better deals and discounts.
But less than one in three (30 percent) said the cost-of-living crisis has spurred them to be savvier with their spending.
While 28 percent are avid savers like the ‘Squirrel’ and 13 percent see themselves as the ‘Camel’ – and have a tendency to save and then splurge.
Characteristics of the ‘Puppy’ are shared by nearly one in 10 adults – who spend more freely with abandon – and the same percentage relate to the ‘Ostrich’ – who can feel overwhelmed and daunted by money.
Nearly one in five (19 percent) admitted to burying their heads in the sand when it came to their finances, at some point over the past year.
With 9 percent percent also recognising themselves as a good-intentioned, yet hapless financial ‘Wombat’.
The research went on to reveal the steps respondents would be taking to better deal with their finances this year, including visiting price comparison websites, watching more TV shows about personal finance and reading up online about how to better manage money.
More than a quarter (28 percent) wish they were more knowledgeable when it comes to personal finance.
Emotional spending, feeling comfortable with expenditure and providing for those they love but still having enough put aside to care for themselves were the biggest things respondents struggled with financially.
It also emerged more than a third rate themselves as good with money, but don’t like to talk about it.
Helene Barnes, cost of living expert at Comparethemarket.com, added: “The last 12 months have posed more financial questions to people than any other year in living memory.
“And the more questions, inevitably the more mistakes can happen, as the research has shown.’’
“Understanding what influences your financial decisions, can help you achieve your money and life goals – whether that’s saving more or spending differently.”
