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
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...