With people leading increasingly busy lives, they can often find themselves so overcome with everyday goings-on that, when it comes to tackling difficult financial decisions, they don’t have the mental capacity to cope.
Head in the sand
Research7 has found that people typically ‘don’t do difficult decisions’, with over four million saying they don’t have the headspace to deal with challenging issues and a further 6.4 million saying they have insufficient time to deal with crucial life admin.
Many respondents confessed to putting minimal effort into key decisions, with over half saying they put a great deal of time and effort into selecting their holiday destination, less than one in three adopt such a comprehensive approach to pension arrangements. Over half of respondents can’t decide on whether to buy critical illness cover, while just under half haven’t considered changing their pension arrangements.
On the plus side, making small modifications to the way you approach decision-making can dramatically improve your ability to tackle difficult decisions and make better financial choices. Selecting a quiet, tranquil location, free from distractions can really aid decision-making. Being mindful to set aside some time when you can fully focus on the issue in hand will certainly assist, as will avoiding making decisions after a tough day. A great way to enhance your capabilities and rise above any confusing head fog is to visualise the future and to link financial decisions to life ambitions, to really connect with your long-term objectives.
Helping you every step of the way
We are always here to help you with life’s difficult financial decisions. We will guide you through the decision-making process; with our assistance you might even find that making better financial decisions isn’t challenging or time consuming. It’s a good feeling to take control of your financial future. 7Scottish Widows, 2019
It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.
Tax and Estate planning are not regulated by the Financial Conduct Authority
The value of pensions and investments can fall as well as rise. You may get back less than you invested.
Will writing is not regulated by the Financial Conduct Authority. Quilter Financial Planning Ltd are not responsible for any will writing advice.