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Time for a Nation of Procrastinators to Take Action?

RateSetter is on a mission to blot out the “Great British Procrasti-nation”.

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A personality quiz, a flurry of surveys and a sizable infographic have been churned out by consumer lending platform RateSetter in an effort to push Brits towards getting their personal finances straightened out. The light-hearted quiz is intended to reveal your procrastination demon. AltFi Data, for example, houses an inner devil known as “The Rebel”. But beyond the rather silly stuff lies an intriguing set of findings.

We’ve knocked up a list of the super-study’s key discoveries below:

  • Brits spend around 218 minutes procrastinating every day – which equates to 55 days lost a year.

  • Women reportedly spend more time procrastinating than men – 231 minutes a day to 205 minutes a day.

  • Northerners spend more time procrastinating than their Southern counterparts – with 227 minutes to 190 minutes respectively spent task-dodging.

  • The managing of personal finances appeared prominently as one of the most actively avoided chores. 24% of respondents suggested that they were putting off the task.

  • Nearly a third (30%) of Brits are dissatisfied with their savings accounts, with 92% blaming low interest rates for their stance on the matter. Close to half of us (46%) are keen to venture into new methods of managing our money, and yet most fail to take action. 24% suggested that they were interested in exploring peer-to-peer lending sites.

  • Procrastination, as it turns out, is also a big money burner. Employees waste around 43 minutes each day at their places of work. These unproductive spurts cost the nation’s businesses approximately £76 billion each year. That is the equivalent of 8% of national debt.

So, why such an interest in work avoidance? Fear not, the study was not an ironic waste of time. Rhydian Lewis, Founder and CEO of RateSetter, explained the thinking behind the report:

“We began to look at procrastination due to the sheer volume of people who expressed their dissatisfaction with the poor returns on their money, but who fail to do anything about it.”

“For a long time people accepted low rates of returns because they didn’t know there was a better way. In the last two years the peer-to-peer industry has grown exponentially. We hope this increased exposure is helping to educate consumers that, in fact, they do have a choice, and if they stop putting off managing their finances they could reap the rewards.”

Please drop us a line if you’d like to be sent a copy of the full report. 

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