The Great British financial procrastination
By Kirsten Hastings, 13 May 16
UK adults spend more time organising their music collections, photos, and wardrobes, than they do reviewing their pensions and long term savings plans, according to research from investment savings specialists Standard Life Savings.
As well as a lack of long term planning, 40% of adults put off organising their day-to-day budget, only 57% know exactly how much money is in their current account, and only a quarter (26%) of adults regularly put time aside to review their finances.
Instead people are snatching opportunities where they can.
Some 13% of adults admit to doing it while multi-tasking and watching TV, and 10% don’t review their finances at all.
While the rise in budgeting and online banking apps has made it easier for people to check their weekly outgoings on the move.
Just 17% of those aged 18-34 say they check their finances via a mobile device (compared to only 1% of the 55+ bracket) and only 5% of those who have a private pensions said they used their pension provider’s app to check it.
Tags: Standard Life
