Brits spend more time making tea than reviewing finances

Most of us spend as much time a day making a cup of tea as we do looking at our finances, according to new research.

Skipton Building Society interviewed 2,000 UK adults about their financial habits.

Around three in five people devote half an hour a week or less looking at their finances. This equates to fewer than four minutes a day - about the same as making a cup of tea, or just a fraction of the time spent daily shopping for food.

The study highlights that we're not just failing to look at our personal finances, but that few people are taking action.

Lack of time

Just one in five say that they take the time to actively manage their money each week - be that working out budgets, paying bills, looking at their internet banking, setting up new savings or investment products or visiting a branch.

Over half of those surveyed say they don't prioritise their finances at all, and two in five say this is because they have other more important things going on in their lives.

When asked why they don't prioritise their finances, one quarter say they find it too boring and one in six blame a lack of time.

Those aged 25-34 are the most likely to make time for their finances, with over half  doing so compared to 40% of over-55s.

Sentiment

Skipton's data also explores how the amount of time people spend on actively managing their finances impacts how they feel.

Those most likely to feel positive about their finances are the ones who are getting under the skin of their money regularly - doing so on average 2.7 times each week, for an average of 40 minutes each time.

Just one in five of those surveyed think that their finances are in a good state.

Richard Wiseman, a psychologist and author at Hertfordshire University, said: "This new research from Skipton demonstrates just how difficult we tend to find long-term thinking.

"This is because short-term options usually give a quick emotional win, whereas longer-term options, such as planning for retirement, require more logical thinking we can find more difficult to process."

Personal financial planning

If you are planning your financial future, Aberdein Considine can offer you the support of some of Scotland's most talented and respected independent financial advisers.

Whether you want to buy a property, secure an income for retirement, pay for your children's education, provide for dependents or pass your estate to your family, we can provide you with a high-quality service which is tailored to your lifestyle.

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