UK Data Service data catalogue record for:
|Title:||BBC Big Money Test, 2011|
|Alternative title:||BBC Lab UK|
|Depositor:||Fenton-O'Creevy, M., Open University. Business School|
Fenton-O'Creevy, M., Open University. Business School
Furnham, A., University College London. Department of Psychology
British Broadcasting Corporation
British Broadcasting Corporation
Friends Provident Foundation
|Other acknowledgements:||The researchers are grateful to the BBC for providing access, a platform, and significant support to carry out the study; and to the Friends Provident Foundation for financial support for the analysis of the data.|
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Abstract copyright UK Data Service and data collection copyright owner.In the spring of 2011, the BBC Lab UK used the flagship consumer affairs programme Watchdog to launch an online survey, across the nation, of emotional and psychological relationships with money: the Big Money Test. Public response to the survey was good and over the following months more than 109,000 people completed the survey. The survey was designed by Mark Fenton-O'Creevy (Open University) and Adrian Furnham (University College London) to develop ways of characterising people's psychological and emotional relationships with money and examine how they affect financial health.
A good deal of public money and resources are devoted to providing people with the knowledge they need to manage their financial affairs. Regulatory regimes require providers of financial services to provide their customers with specific forms of financial knowledge. However, for the most part, these kinds of knowledge-based strategies have had limited success in improving how capable people are at managing their money. This study was founded in a concern that knowledge-focused approaches to financial behaviour miss a very important part of the picture, the emotional and attitudinal elements of our relationship to money. The researchers wanted to question whether it is lack of financial knowledge that most often makes the difference in successfully navigating financial difficulties or our habits, attitudes, beliefs and emotions about money. They wanted to look at whether there are useful ways in which we can characterise a person's 'financial personality' and whether how people manage their emotions matters to their financial behaviour. Participants were told that by participating they would help scientists understand how and why different people think and feel about money in different ways. As an incentive for participation they were offered (automated) video and web feedback on key self-reported financial capability measures, and their score on a financial knowledge test on completion of the online questionnaire, followed by a video of a television presenter (Martin Lewis, who also advised on elements of the survey) offering them tips on personal financial management.
Further information can be found on the BBC Lab UK Big Money Test webpage and the BBC Science Big Money Test results webpage.
Some participants also took part in other studies hosted by the BBC's Lab UK (with the same unique ID) so in principle matching is possible across data sets. This study also includes a combined dataset containing matched respondents who also completed the BBC Big Personality Test (held at the UK Data Archive under SN 7656).
The main topics covered by the survey include: financial capability, money pathology, money attitudes, financial outcomes, emotion regulation, vigilance and avoidance, financial knowledge, behavioural approach system, behavioural avoidance system, and impulsive buying.
|Dates of fieldwork:||April 2011 - October 2011|
Unitary Authorities (England)
|Kind of data:||
Individual (micro) level
Members of the public in the UK, 2011.
Cross-sectional (one-time) study
|Number of units:||
109,472 Big Money Test respondents;
3,869 Big Money Test and Big Personality Test respondents
|Method of data collection:||
Online (web-based) survey
|Weighting:||No weighting used|
|AGE||ANXIETY||ATTITUDES TO SAVING|
|ATTITUDES||BANK ACCOUNTS||BIRTH ORDER|
|CARE OF DEPENDANTS||CHIEF INCOME EARNERS||CREDIT|
|DEBTS||ECONOMIC ACTIVITY||EDUCATIONAL CERTIFICATES|
|EMOTIONAL STATES||ETHNIC GROUPS||EXPENDITURE|
|FINANCIAL COMMITMENTS||FINANCIAL DIFFICULTIES||FINANCIAL EXPECTATIONS|
|FINANCIAL RESOURCES||FINANCIAL SUPPORT||GENDER|
|HOUSEHOLD INCOME||HUMAN BEHAVIOUR||INCOME|
|LIFE EVENTS||MARITAL STATUS||MONEY|
|PERSONAL FINANCE MANAGEMENT||PERSONALITY TRAITS||PERSONALITY|
|POLITICAL ALLEGIANCE||REDUNDANCY||RELIGIOUS BELIEFS|
|Date of release:|
|First edition:||19 April 2017|
|Copyright:||Copyright British Broadcasting Corporation and Open University|
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|Availability:||UK Data Service|
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|Title||File Name||Size (KB)|
|Codebook for Data File: bbc_big_money_test_deposited_version||8132_codebook_for_bpt.pdf||884|
|Codebook for Data File: big_personality_test_common_participants_with_big_money_test||8132_codebook_for_combined_bmt_and_bpt.pdf||1130|
|Notes on the Big Money Test Dataset||8132_notes_on_bmt_dataset.pdf||570|
|Study information and citation||UKDA_Study_8132_Information.htm||6|
By principal investigator(s):
Furnham, A., von Stumm, S., and Fenton-O'Creevy, M. (2014) 'Sex Differences in Money Pathology in the General Population', Social Indicators Research, pp.1-11.
von Stumm, S., Fenton-O'Creevy, M., and Furnham, A. (2013) 'Financial capability, money attitudes and socioeconomic status: Risks for experiencing adverse financial events', Personality and Individual Differences, 54(3), pp.344-349.
Furnham, A., von Stumm, S., and Fenton-O'Creevy, M. (2013) The Big Money Test - results. Retrieved 6 April 2017 from http://www.bbc.co.uk/science/0/21360144
Furnham, A., von Stumm, S., Fenton-O'Creevy, M., and Davies, G. (2013) Emotional relationships with money and financial behaviour: Analysing the Big Money Test, Friends Provident Foundation. Retrieved 6 April 2017 from http://www.friendsprovidentfoundation.org/wp-content/uploads/2013/10/Open-University-Analysing-the-Big-Money-Test-Summary.pdf
Fenton-O'Creevy, M, Furnham, A, Dibb, S, and Davies, G. (2012) 'Antecedents and consequences of impulsive buying: Can impulsive buying be understood as dysfunctional emotion regulation?' in Emotions and Working Life Conference, Helsinki, July, 2012.
Resulting from secondary analysis: