The Money Advice Service has identified six segments of the UK population and given each a song to summarise their attitude to money...

It follows consumer research which was presented at a Tax Incentivised Savings Association (TISA) event yesterday by Elaine McCarthy.

Help (13%)

These are people who have been impulsive spenders, but are now in a bit of a difficult situation and don't know what to do.

Young hearts, run free (10%)

These ones are also very impulsive when it comes to spending but really are not worried about their finances.

If you could read my mind (15%)

These are the people who think about what they are doing and don't do anything risky. They are solid.

Perfect Day (26%)

They spend a lot of time on their finances and are savers, not spenders. Very much thinking about their future and what they will do.

Always on my mind (17%)

The glass is always half empty but they do think about their future and are well organised.

I'm walking on sunshine (19%)

Typically over-50 and cutting their cloth accordingly. Having spent all their life budgeting, they are comfortable with what the future holds for them.

McCarthy also explained how, unsurprisingly, those in the 'Young hearts, run free' often move across into the 'Help' category once they wake up to the reality of their financial situation.