THE age at which UK men and women finally feel secure in their finances is 31, according to Zopa.
The peer-to-peer lender conducted nationwide research and found that by their early 30s Brits have reduced credit card spending along with building robust savings accounts and paying into pension plans.
Men felt they reached a state of money maturity at 29, while women feel they reached the level four years later at age 33.
Almost two-thirds of those surveyed said that regularly paying into a savings account is the best indicator of being good with money.
More than half, 55 per cent, thought paying into a workplace or personal pension pot heralded the start of financial security, while 53 per cent believed shopping around for the best deals was the top measurement.
Read more: Zopa illustrates the meaning of money
“We’re pleased to see that most Brits feel good about managing their money at the relatively young age of 31,” said Clare Gambardella, chief customer office at Zopa.
“At Zopa, our mission is to provide easy to manage products and a straightforward online experience so that customers feel positive and in control of their financial situation.”
The survey showed a clear split between age groups, with 21 to 25 year-olds believing 32 would be the age when they finally felt good about their finances, while those age 26 to 30 were less optimistic about the future, saying they would reach money maturity at 38.
More than a third of respondents said that low salaries and rising utility bills mean they cannot add money to short or long-term savings.
Overspending also contributes strongly to feelings of financial insecurity, with social media a key factor among younger people, the data shows.
British men and women spend £6bn a year to keep up with friends or celebrities on social media, with 31 per cent of those surveyed saying they overspent on holidays and 15 per cent noting they blew their budget on cars.
Read more: IFISA market reaches £1bn