Britons don’t reach financial maturity until 31 and are most carefree with their spending at 22, study reveals

• Men typically feel in control of their money at 29, compared with women at 33
• More than half believe that having a pension plan is a good sign of maturity
• Social media pressures and buying holidays could be factors in overspending

If you’re worried about your children spending all their money on nightclubs and new clothes, then fear not – they will soon grow out of it.

A study has found that while we feel most carefree with cash at the age of 22, on average we reach ‘financial maturity’ at 31.

Men typically feel in control of their money at 29, compared with women at 33. The survey found that around two-thirds believe that regularly paying into a savings account is a top indicator of being good with money.

If you’re worried about your children spending all their money on nightclubs, they will soon grow out of it. While we feel most carefree with cash at the age of 22, on average we reach ‘financial maturity’ at 31, a study has found (stock image)

More than half believe that having a pension plan is a good sign of maturity, while 53 per cent point to always shopping around for the best deals.

Nearly half think staying out of your overdraft is a sign of being responsible, and around a third identified taking a packed lunch to work as good practice.

Social media pressures and buying holidays and clothes could be a factor in overspending, the research found. But some people said they had naturally started spending less on social activities after reaching their mid-30s.

Among those surveyed over the age of 35, more than half said they would be more inclined to spend an evening at home than when they were in their 20s.

The same proportion said they now spend less money when they go out and a further 19 per cent said they started saving more in their mid to late 30s.

The survey of 1,500 people by money lending business Zopa also found that we feel most irresponsible with spending at the age of 22.

Many people said they had splashed out more on unnecessary items, spent too much on nights out and bought too many clothes.

The top ten signs that someone is good with money are: Having a savings account that you regularly pay into, having a pension plan, always shopping around for the best deals, never being in your overdraft, paying off your credit card bills monthly, using loyalty cards, having a ‘rainy day’ fund, knowing your bank balance at all times, not lending cash to friends and preparing a packed lunch to take to work.

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