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.
For many the priority seems to be having a wardrobe clear out, getting photos organised, sorting music playlists and staying on top of income and spending.
But the satisfaction of getting your long-term finances sorted shouldn’t be underestimated according to the research.
Those who are organised when it comes to their pension said they felt secure about their future (26%), happier (20%) and motivated to save (17%). In comparison, those who weren’t on top of things said they were worried (22%) and felt overwhelmed (14%).
Jamie Jenkins, pension expert at Standard Life Savings, said: “Despite the resurgence of vinyl, most music collections will be of limited long term value when it comes to funding retirement. It’s easy to put off things you don’t enjoy but keeping on top of both day-to-day budgeting and longer term savings will help you relax, knowing things are under control for the future.
“More people than ever have access to a pension through their workplace, and technology is making it easy for people to regularly review their savings online, so there’s no better time than now to get organised.”
Tags: Standard Life
