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.

Contacts:
Eden Black
020 726 16217
[email protected]

Debi Isaac-Taylor
01793 655354
[email protected]

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
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your job is mostly boring. Many of the IT operations tasks you perform on a day-to-day basis are repetitive and dull. Utilizing automation can improve your work life, automating away the drudgery and embracing the passion for technology that got you started in the first place. In this presentation, I'll talk about what automation is, and how to approach implementing it in the context of IT Operations. Ned will discuss keys to success in the long term and include practical real-world examples. Ge...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...