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A new study reveals Brits spend more time dithering over insignificant, day-to-day decisions, than they do considering important financial matters.
The research conducted by Scottish Friendly, one of the UK’s leading financial mutuals, reveals that people struggle far more making relatively trivial decisions about what to have for dinner or what to watch on Netflix than they do about making important choices about their financial future.
Deciding what birthday or Christmas presents to buy, what to wear on a night out or what to order in a restaurant are among the choices Brits struggle with most. More than a third of people (34%) say they regularly struggle to decide what gifts to buy for friends or family, while 28% struggle to decide what to have for dinner and nearly a quarter (24%) say they are frequently undecided on what to watch on the box.
In contrast, when it comes to personal finance, it appears Brits are far more decisive. Less than one in ten (9%) people say they struggle deciding which utility provider to sign-up to and only 5% of Brits agonise over which bank account to go for. Furthermore, deciding whether to dip into savings is a decision most people make relatively swiftly, as highlighted by 85% of respondents.
Scottish Friendly’s Savings Specialist, Calum Bennie, says: “It is remarkable that many Brits find making important financial decisions a relative breeze. Considering the current economic uncertainty surrounding the election and Brexit, it is more important than ever that people do take the time to consider all the options available to them when it comes to money. It is crucial Brits make informed and considered financial choices or they risk running into problems in the future.”
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.