Don’t suffer from decision fatigue - make time for life’s big decisions
Don't put things off that you can do now
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. Cashless society – a worrying prospect for many As society fast becomes cashless, a recent review has called for extra safeguards to support the cash infrastructure in the UK8.
A significant number of people and businesses are still reliant on cash transactions on a daily basis, and it is feared that the move towards an entirely digital future would negatively impact over eight million adults in the UK, who would struggle to cope in a cashless society. There have been calls for Parliament to hand extra powers to regulators and introduce rules forcing banks to provide suitable access to cash for customers.
8Access to Cash ReviewMarch 2020
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