Sort out your poor money habits!

Are you impulsive? Do you find it hard to resist naughty treats, say a cigarette or fourth glass of wine? And what does that say about your attitude to your finances?

Do you often wake up in the morning groaning "Never again!" and wondering why you couldn't restrain yourself the night before?

You do? Then the chances are you aren't very good at saving money either.

No, really. It's scientific. People with poor money habits also tend to have other impulsive habits, such as eating too much, smoking and having sexual relations with people their regular partner doesn't know about.

Answer this simple question

These are the results of a new study of 40,000 people by University College London, and hinge on how respondents answered this question. Would you prefer to receive £45 in three days, or £70 in three months' time?

Nearly half of those questioned prefer to take the smaller amount now, and these same people also displayed alarming evidence of "a raft of other impulsive behaviours", the researchers say.

So if you chose to pocket the £45, you're likely to be broke, overweight, chain-smoking and promiscous.

That's what the research says, don't blame me!

But if you deferred that £45 of pleasure, you're more likely to have a healthy bank account, flat stomach, fresh lungs and trusting long-term partner.

Fat? Greedy? Poor?

The results are presented by psychologist Dr Stian Reimers, who is exploring whether decisions to spend or save reflect your personality.

He says people with an impulsive "money-today attitude" ignore the future in other ways: "They are more likely to smoke or be overweight, which may reflect a preference for immediate pleasure of nicotine and food over long-term good health. They are also more likely to admit to an affair in recent years, suggesting another manifestation of desire for immediate gratification."

Taking the £45 is a poor decision (unless the loan sharks are breaking down your door), because you are turning down a vastly better interest rate than you could get on the high street.

Dr Stian says: "Learning to make decisions that lead to long-term happiness, not just instantaneous gratification, could benefit us all. Simple techniques can help reduce impulsivity, like imagining how you'd feel about your decision in a year's time, or trying to avoid making decisions in the heat of the moment."

Got that?

What would you like for dessert?

I think there's a lot of truth in this. Putting £100 in a pension or ISA to save for your retirement is the same principle as quitting smoking so that one day you won't get lung cancer.

Turning down that choccie biscuit to stay in shape involves a similar mental process to deciding against buying the Beatles: Rock Band for your Xbox, and paying down your credit card instead.

It's called taking care of yourself, and planning for the future.

Know thyself.

I can see the research reflected in my friends. I don't smoke, I drink less than I did, and I write eminently sensible articles on planning your finances for lovemoney.com. My American friend Joanne, on the other hand, thinks instant gratification takes too long, and couldn't financial plan her way out of a Hermes bag.

What about you?

Are you able to defer pleasure today for financial betterment tomorrow, and if so, what are you having for pudding tonight: a healthy bowl of stewed plums or a brace of deep-fried Mars bars in custard topped with crushed Dime bars?

Because the latest psychological research tells us there is very likely to be a correlation between the two.

Or is it just rubbish?

It's in my genes!

So what do we do with this information? On a personal level, I guess we should examine our own behaviour, to see how our personality affects our approach to money, and how we can mend our ways.

As anybody who has tried dieting knows, fighting your base instincts, financial or otherwise, isn't very easy.

But it is possible to change our behaviour. Just look at how the years of easy credit loosened our attitude towards spending and debt - and how quickly the recession tightened it.

Or are we simply at the mercy of our genes?

Dr Stian's research found that those most likely to make impulsive financial choices were young, poorly educated, and on lower incomes. Cause or effect? You tell me.

Now ask your partner

The £45 question is also the $64 million question of relationships. Try putting it to your current, or any prospective, partners.

If they choose to take the cash now, check their collar for lipstick, their mobile phone for mystery callers, and lock up your pies.

More importantly of all, think twice before sharing a joint bank account with them, because one day they might empty it and run off with whoever it is they have been indulging in all that impulsive behaviour with...

Or maybe people are a little more complicated than this research suggests?

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