Irrational or Rational? Time to Rethink Our Understanding of Financially Responsible Behavior

Figures & data

Table

Categories	Female (38)	Male (25)	Majority Ethnic Background (48)	Minority Ethnic Background (15)
Under £10,000 (LI*) £10,000-£19,999 (LI) £20,000-£29,999 (MI) £30,000-£39,999 (MI) £40,000-£49,999 (MI) £50,000-£59,999 (HI) Over £60,000 (HI)	5 14 8 5 3 2 1	1 4 5 3 6 0 6	3 14 10 4 8 2 7	3 4 3 4 1 0 0
< 30 30-39 40-49 50-59 ≥ 60	8 (2 below MI)** 4 (3 below MI) 7 (7 below MI) 15 (12 below MI) 4 (1 below MI)	2 (0 below MI) 3 (1 below MI 6 (1 below MI) 4 (3 below MI) 10 (3 below MI)	4 (0 below MI) 6 (3 below MI) 9 (5 below MI) 16 (12 below MI) 13 (3 below MI)	6 (2 below MI) 1 below MI 4 (3 below MI) 3 (below MI) 1 (below MI)
Single Married Cohabiting Divorced/Separated Widowed	9 17 7 3 2	3 14 4 3 1	8 27 9 1 3	4 4 2 5 0
No children 1 Child 2 or more Children	18 5 15	10 5 10	21 9 18	7 1 7
No High School High School Bachelor’s Master’s PhD	0 7 9 19 3	1 5 7 9 3	0 10 13 21 4	1 2 3 7 2

* Low (LI), medium (MI), and high income (HI) are based on classification based on income deciles from 2016 to 2017, the year the interviews were conducted.

** Calculations are based on data on the distribution of mean income before tax by age and gender in the year 2016 to 2017 in the UK. Below mean income (below MI) shows the comparison to mean income for this particular age range (GOV.UK 2022b).

GOV.UK. 2022b. Distribution of median and mean income and tax by age range and gender. HM Revenue and Customs. https://www.gov.uk/government/statistics/distribution-of-median-and-mean-income-and-tax-by-age-range-and-gender-2010-to-2011.

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Data Availability Statement

Due to the nature of this research, participants of this study did not agree for their data to be shared publicly, so supporting data is not available.