Su Duko beats Financial Planning!
(22/2/2006)
We spend less time a week on our finances than just about anything else, a new report revealed.
Surfing the web, watching the TV, chatting on the phone, or even playing Su Doku are a higher priority than reviewing our financial situation, for more than half of Britons, according to a new report from Scottish Widows.
The ‘Preparation Nation’ study shows that 56 per cent of people in Great Britain spend only twenty minutes a week taking care of their finances, yet are happy to spend on average seven hours online, eight hours watching the box, and even two hours playing the latest Japanese craze.
Nearly three quarters (73 per cent) of 25-34yr olds say they aren’t as prepared financially as they would like to be, and the situation rarely improves with age, as four out of 10 (40 per cent) people aged 55 and over find themselves in the same boa, according to the report. Nearly two thirds (62 per cent) of Brits say they are unprepared financially because they delay addressing the situation until they are older.
Findings also show that those who do turn their attentions to their finances only spend between one and two hours in total choosing a particular product, regardless of the associated commitment. On average we spend just three hours choosing a mortgage – a product that is often a lifetime commitment. Equally ironic is the fact that people spend more time choosing their annual car insurance policy as they do their pension.
Commenting on the ‘Preparation Nation’ report, Paula Sutherland, consumer affairs spokeswoman at Scottish Widows said: `It’s widely known that, as a nation, we aren’t as prepared for our futures as we could be, but the findings of the Preparation Nation report emphasise just how trivial we consider the issue to be, particularly when we see how little time we spend addressing our finances compared to hours spent doing other things.`
She concluded: `Taking stock of your financial situation and preparing for the future needn’t be a chore. Just by checking your finances on a weekly basis to make sure your money is working hardest for you and reviewing the bigger areas of your finances on a regular basis is a step in the right direction. Whilst not much in life is for certain, one thing is – to secure future financial security and happiness – preparation is everything. `
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