In Visa’s new shopping IQ test, Britons came last at researching products, second bottom at both trying new products and saving money and fourth from bottom at self-control.
With such poor self-control of finances, it is hardly surprising that Britons owe around £1.2 trillion in debt.
These findings are backed up by Datamonitor, which today published its own debt study and found that the UK accounts for a third of all western European unsecured loan and credit card debt.
Visa urged Britons to take heed from the findings and follow their European neighbours in keeping out of massive debt.
“This study shows that there is potential for us all to improve our shopping IQ to some degree and pick up some tips from our European neighbours,” said Greg Twitcher of Visa UK.