Researchers at Ohio State University studied the IQs and financial situations of around 7,500 people in 2004, and found “no relationship” between being smart and being wealthy.
Indeed, among the thousands interviewed as part of the study, six per cent of those deemed to have very high IQs were dealing with substantial credit card debt after borrowing the most they could on plastic.
“Just because you’re smart doesn’t mean you don’t get into trouble [financially],” explained Dr Jay Zagorsky, who wrote the report.
“Those with low intelligence should not believe they are handicapped, and those with high intelligence should not believe they have an advantage.”
Meanwhile, figures from UK-based charity Credit Action suggested recently that the debt management mountain in Britain increases by around £1 million every four minutes.