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Do financial matters get pushed down the list?

Do financial matters get pushed down the list?

Category: Money

Updated: 22/07/2016
First Published: 22/07/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many of us have tasks that we keep trying to avoid, and financial planning is definitely one of them. In fact, Standard Life Savings has taken a closer look at which aspects of "life admin" get pushed down the to-do list, and after things like cleaning and DIY, financial matters are definitely put on the backburner.

Love to hate

The research found that there are a huge range of activities we try to put off doing, and many of them won't come as such a surprise. Indeed, 86% said they put off doing the DIY, while 82% avoid gardening and 77% have an "I'll do it later" mentality to household cleaning, but after that, many of those things we love to avoid are of the financial variety.

Indeed, checking pensions is fourth on the list of things we put on the backburner, with 64% of respondents procrastinating this vital task. Next up are things like checking loans (62%), reviewing mortgage deals (59%) and checking the performance of any investments or savings (55%), and even daily financial tasks get put squarely at the bottom of the to-do list: organising the day-to-day budget is something that 49% of respondents put off, closely followed by reviewing household bills (48%) and reviewing bank accounts (47%).

It's clear than money management falls way down the list of people's priorities, and although daily money admin tasks are slightly more well-received, a worrying number of people put off such tasks – and longer-term financial planning is even more lambasted.

Don't put things off!

While no harm will probably come to you if you leave that ironing pile for a day or two longer than you should, the same can't necessarily be said if you put off organising your finances – failing to get your financial house in order could have long-term consequences, and may have a notable impact on your standard of living.

This is particularly the case when it comes to things like pensions. Without the right pension pot at your disposal, you risk financial difficulty in retirement, because relying on the state simply won't give you sufficient income to live comfortably. This is why it's so worrying that 27% of people with a pension admit to never checking it – how will you know if you're on track for the retirement you want without knowing what your pension pot looks like?

Jamie Jenkins, pension expert at Standard Life, spells it out even further: "Getting into the long-term savings mindset is important, as the earlier you start to save or invest, the more opportunity you will have for your money to grow. Thinking about future savings may seem like an effort, but just like the weeds in your garden or that shelf you've been meaning to fix, the earlier you get it sorted the better your savings will look.

"Also, now that more people than ever have access to a pension through their workplace, and technology is making it easier for people to regularly review their savings online, there's no better time to get organised and plan ahead."

So what are you waiting for? Planning for the long-term is just as important as managing your day-to-day funds effectively, so start by pushing financial matters to the top of your to-do list and secure your financial future.

What next?

Start saving – compare savings accounts to grow your pot

Want a better bank account? Check out the alternatives

Review your loans and mortgage deals

Keep you budget in check by reviewing utility bills

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.