Adults in the UK spend less time planning their finances than any other major EU country, research from Scottish Widows has revealed.
And where we do plan ahead, our priorities seem at best confused, with motor insurance – which lasts a year – receiving more care and thought than our choice of pension.
“This research shows that as a nation we find sorting our personal finances a difficult and daunting task,” said George Andrew, head of market relations at Scottish Widows.
“Clearly we are not alone – however we Brits do come out worst at least in terms of the time we commit to financial planning.
While we may not spend enough time on our financial planning, we are at least aware that we are letting ourselves down.
Only six per cent said that they spent enough time on their financial planning, although respondents created a host of reasons to justify their sloth.
A third said financial planning is too complicated, are quarter said that they do not have enough time and a fifth just said that they had better things to do with their time.
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