Procrastinating Britons ‘ignoring personal finances’

Britons are wasting time thinking about holidays, shopping trips and other frivolous purchases instead of focusing on their finances.

Research by S…

Britons are wasting time thinking about holidays, shopping trips and other frivolous purchases instead of focusing on their finances.

Research by Scottish Widows has found the second most popular worry for adults is whether or not they will have enough money to spend on an everyday basis, however, the UK is a nation of procrastinators as they are failing to take action. 

While nine out of ten people agree that it is important to have a plan in place for retirement, 36 per cent admitted they have not taken any steps to make their post-work life financially comfortable. 

In terms of the number one worry, health (57 per cent) emerged on top, but it is also the area that Britons are most likely to avoid or put off tackling.

One aspect of life that no one should dither over is their finances. If consumers do not put a plan in place regarding their money, they run the risk of running up personal debts or being forced to rely on unsecured lending. 

Karen Pine, psychology professor at the University of Hertfordshire, said: "Although most people are aware of the need to have a plan, on a day-to-day basis they operate with a mindset dominated by short-termism and immediate gratification. 

"When people do things that have immediate consequences they are rewarded with seeing the results of their actions. Whereas, acting with long-term interests in mind brings no immediate reward and so the motivation to do so is considerably less."

Concerns are also increasing among Britons, with 14 per cent of people spending an hour or more every day worrying about their finances or carrying out personal administration in order to improve their situation. 

Some 31 per cent think they would sleep better if they were able to bring their money worries under control, which highlights the need for effective debt management.

By Joe White

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