Standard Life: Adults love putting off DIY, gardening and financial planning

12th July 2016

A survey carried out by Standard Life Savings to investigate behaviours when it comes to basic life admin has revealed the jobs we most love to put off.

DIY, gardening and household cleaning topped the list, closely followed by checking our pensions. The study showed that Brits spend more time organising their garden sheds (67 minutes) than thinking about their pensions (54 minutes), although when it comes to actually doing the gardening 82% admit to having put it off until later.

The research also showed how we are prioritising our day-to-day money tasks such as reviewing bank accounts (47%) over longer-term financial planning such as checking pensions (64%), loans (62%) and reviewing mortgage deals (59%).

Worryingly, 27% never check their pensions, primarily because they find it boring. Similarly, 27% of people who have reached potential retirement age admit to not knowing the basic details of their pension pots, such as who their pension is with, policy numbers or where their savings are invested.

Younger people (18 to 34-year-olds) are leading the way when it comes to keeping a closer eye on their day-to-day finances, spending up to a fifth longer reviewing the contents of their current accounts each month compared with those between the ages of 35 and 54.

Jamie Jenkins, pension expert at Standard Life, said: 

“It’s great to see that many people are not putting off budgeting or managing their day-to-day money, but financial planning for the longer term seems to be something many people delay.

“Getting into that 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.”