Fit Brits gain pounds
Study linking physical and financial fitness launches Mr Motivator's credit workout
People in good physical shape are better with money than those who are physically unfit.
A new study proves the direct link between your fitness and financial health - irrelevant of income. According to the findings from the free for life credit report service Noddle those who are in poor physical shape are almost twice as likely to be financially unfit than those who consider themselves to have a good level of fitness.
Study leader Psychologist Dr Glenn Wilson, said: "Using behavioral traits like failing to open bills, missing payments, being turned down for credit and not checking your bank balance we were able to define financial fitness and it was noteworthy how many of the study participants also displayed signs of poor physical condition."
With one in six (17%) British adults defined as 'financially unfit' the researchers also identified low self-esteem as a major factor impacting fitness levels and how people manage their money.
The research found that those in poor physical shape were more likely to have missed a payment in the past 12 months (10% more likely) and to have disorganised finances (10% more likely), and were less likely to understand all of their financial products (16% less likely).
In contrast, those with very good fitness levels have less debt (by £1,300) than those with very poor fitness and are more likely to have checked their credit report in the past 12 months (8% more likely).
In fact, the likelihood of being turned down for credit in the past 12 months doubled among those in poor physical shape (14% have been turned down) compared to their fitter counterparts (7%). Similarly, 35% of those who classify themselves as 'heavily overweight' have been turned down for credit - compared to just (27%) of those who are at their 'ideal weight.'
The long-term impact of being financially unfit is worrying, according to the research among British adults, one in six (16%) have suffered relationship problems, with similar numbers suffering from insomnia and illness due to money worries.
The findings come as Noddle launches a financial fitness campaign led by Mr Motivator to get the UK in better shape.
Mr Motivator said: "As we all continue to get bigger, all that gets smaller is our wallets, so I am back on a mission to make you aware of the benefits that can be got from a financially healthier lifestyle. Today I'm calling on the British Public to get up and take part in my brand new Credit Workout so that we all can get into better financial shape."
Mr Motivator, real name Derrick Evans, shot to fame and became a household name throughout the 1990s with his regular high-energy appearances on GMTV. Over the next three weeks, Mr Motivator will visit London, Birmingham, Leeds and Glasgow with a Credit Workout in city centres demonstrating exercises that burn calories and improve your credit report. For example:
- Do the chicken - don't be a chicken and check your bank and credit card statements regularly
- Balancing on one foot - check your credit report and your bank balance regularly;
- Keepy uppies - keeping up payments on cards and paying on time will keep your financial record clean;
- Open and close arms - close any accounts you're not using;
- Forward rolls - register on the electoral roll at your current address;
- Rewind hand-rolls - rewind by correcting any mistakes on your credit report.
Tom Ilube, founder of Noddle, said: "Any fitness instructor will tell you that there are a few simple steps you can take to get in physical shape and the same is true with your finances. You can start by taking up the most simple test of financial fitness, checking your credit status online absolutely free at Noddle.co.uk."