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
|By Marketwired .
|June 27, 2014 02:00 AM EDT
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.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 26, 2016 07:30 AM EDT Reads: 11,490
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 26, 2016 07:30 AM EDT Reads: 2,777
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, 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.
Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Oct. 26, 2016 06:45 AM EDT Reads: 3,386
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing.
In his session at 19th Cloud Expo, Raghav...
Oct. 26, 2016 06:15 AM EDT Reads: 2,072
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone.
Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Oct. 26, 2016 06:00 AM EDT Reads: 1,414
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time.
In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Oct. 26, 2016 06:00 AM EDT Reads: 1,874
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
In this power panel at @...
Oct. 26, 2016 06:00 AM EDT Reads: 2,042
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components.
This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices.
While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 26, 2016 06:00 AM EDT Reads: 1,548
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Oct. 26, 2016 05:45 AM EDT Reads: 2,556
SYS-CON Events announced today that Streamlyzer 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.
Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 26, 2016 05:30 AM EDT Reads: 1,041
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time.
In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 26, 2016 05:30 AM EDT Reads: 1,021
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes.
In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 26, 2016 05:00 AM EDT Reads: 999
SYS-CON Events announced today that Pulzze Systems 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.
Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming.
For more information, visit http://www.pulzzesystems.com.
Oct. 26, 2016 05:00 AM EDT Reads: 2,581
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 26, 2016 04:45 AM EDT Reads: 949
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors.
In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 26, 2016 04:30 AM EDT Reads: 1,760