UK failing to tackle financial to-do list

Financial planning is the task the UK is putting off the most when it comes to everyday ‘to-do’ lists, according to a survey of more 2000 people. Young people are the most likely to feel stressed and overwhelmed about tasks on their to-do list.

The ‘Life’s Long List‘ report was released by the Payments Council, the organisation which has been tasked with taking charge of the new Current Account Switch Service that is launching in September.

The survey found that Britons tend to take a short-term view with financial matter, for example, 25% of us plan daily to pay off credit card bills.

However, when it comes to equally important long-term tasks, many let these slip down the list. Key findings here were:

  • Only 5% ranked financial planning tasks at the top of their list
  • Only 9% planned to review their pension

It also appears that many are giving in to inertia – potentially missing out on the best deals – just 16% of people have moved bank accounts for a better deal.

But the problem is not simply a question of inertia – it seems people are unsure about how to go about doing switching or reviewing:

  • 50% think it would be easy to switch a utility provider for a better deal
  •  24% think it would be easy to review their pension
  • 23% would feel completely overwhelmed switching utility provider
  • 20% would feel overwhelmed reviewing pensions

Young people in particular are likely to find this tricky:

  • 25-34 years olds are most likely to feel there is not enough time in the day to get everything done, with 40% having experienced this
  • 36% of 18-24 year olds don’t know how to begin tackling their to-do lists

 

 

 

 

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