Welcome!

News Feed Item

Tidy Mind, Tidy Savings: Dynamos, Socialites and Workaholics Less Likely to Find the Time to Save

Poll shows UK is strapped for time, with most savers simply putting money away for a rainy day rather than properly planning their finances

LONDON, UNITED KINGDOM -- (Marketwired) -- 06/27/14 -- People's ability to set time aside to effectively manage their money is being choked by the "hamster wheel of modern life", according to a renowned scientist.

Neuroscientist Dr Jack Lewis, who commented on research commissioned by Nationwide Building Society on the psychology of saving, believes many people have adopted a laissez faire attitude towards money due to hectic lives, and that they must take time out to "recalibrate their internal balance sheets or risk unnecessarily frittering away their hard-earned cash".

Time management and planning emerged as a key theme in the research, with more than four in ten (42%) people always or often putting in too many hours at work, going out too much or buying more shopping than they actually need. This grows to 54% and 51% for those aged 18-24 and 25-34 respectively.

The poll, which interviewed more than 2,500 adults across the UK, shows that four in ten adults (42%) do not have a dedicated savings account, while more than a quarter who do have one stating they are simply "saving for a rainy day", as opposed to anything tangible.

Dr Jack Lewis, author of Sort Your Brain Out, said: "We're a very busy nation and those who are particularly time poor could really benefit from periodically taking time out to recalibrate their internal balance sheets or risk unnecessarily frittering away their hard-earned cash. It's a case of telling ourselves that it's okay to step off the hamster wheel of modern life for long enough to figure out what we really want in the long run. Then set up a savings account dedicated to each specific long term goal."

In comparison, just over a fifth (21%) save for holidays, while 12% are putting money away for retirement and one in ten (11%) for their present or future home. A similar amount is shoring up money for Christmas (10%), while 8% are saving for DIY projects and children's education.

Adding to the feeling that people don't take adequate time to plan their actions, fewer than a third (32%) always make sure they go shopping armed with a list, indicating the majority are susceptible to spending more than intended as they dash across the supermarket aisles snapping up bargains rather than just the essentials. However, women are far more likely to always use a list, with four in ten (38%) claiming they always use one, compared to just a quarter of men (25%).

The survey also shows that over a third (36%) of adults have previously failed to cancel subscriptions to magazines or mobile apps following a trial period, resulting in charges.

Dr Jack Lewis added: "Living a hectic life can come at a cost, with any number of important considerations falling by the wayside in the mad dash. Money problems can quickly and unexpectedly creep up - whether ten pounds a week being spent in the shops on stuff that we don't really need but seems to be a great deal in the heat of the moment, or that goal of building a house extension remaining a distant dream because of not establishing savings with a purpose."

Nationwide's Savings Director, Richard Napier, said: "Savings are an essential part of modern life. Keeping a watching brief over incoming and outgoing money, and learning to put any excess cash away will ensure that people can set goals and realistically achieve them. It also provides a cushion for any unforeseen costs or problems arising at short notice."

Notes to editors:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,581 adults. Fieldwork was undertaken between 10th - 11th March 2014. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

About Nationwide Building Society

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...