You are here: Home - Uncategorized -

Quarter of UK population dither over personal finances

Written by:
The UK population’s pronounced propensity for procrastination is having a deleterious impact on their ability to manage personal finances capably, according to new research released today by peer-to-peer lending platform RateSetter.

The study found that the average Briton wastes a cumulative 55 days per year (218 minutes daily) by dithering. A quarter of Britons (24 per cent) admit to specifically procrastinating over personal finances, despite 17 per cent believing they’d be in a better financial position if they stopped, and two in five (41 per cent) believing they’d have fewer worries about the future.

Half of respondents aged over 55 recognised that less procrastination would help them have more money in later life.

Most procrastination time is spent surfing the web; on average, Brits spend 90 minutes using the internet for fun every day, sometimes as a tactic for avoiding planned tasks. Other popular idling activities included watching television (an hour per day), social media browsing and unnecessary tidying (25 minutes per day).

RateSetter’s research indicates that this nationwide penchant for dawdling means that while almost a third of all savers (30 per cent) are dissatisfied with the negligible interest rates offered by their savings accounts, and almost half (46 per cent) express interest in alternative saving opportunities, savings accounts are still used by over half (53 per cent) of the population.

“We began to look at procrastination due to the sheer volume of people who expressed their dissatisfaction with the poor returns on their money, but who fail to do anything about it,” Rhydian Lewis, CEO of RateSetter, said.

“For a long time people accepted low rates of returns because they didn’t know there was a better way. In the last two years the peer-to-peer industry has grown exponentially. We hope this increased exposure is helping to educate consumers that if they stop putting off managing their finances they could reap the rewards.”

To view the study’s results in infographic form, click here.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week