Eight in ten millennials in Britain say they’re not consistently on top of financial tasks, according to a new study from HSBC, Bitesize Banking: Effective time management to reduce financial anxiety.1
This is affecting other areas of their lives with millennials (18-34 year olds) being the most likely (41%) to feel stressed, agitated or overwhelmed when they aren’t in control of their financial tasks, compared with 32% of 35-54 year olds and just 15% of over 55s.
|Age group||% who do not feel on top of their financial admin||% who feel stressed, agitated or overwhelmed when not on top of their finances||% who do not use a mobile app for finances||% who say they have limited or no time for the things they enjoy|
Financial admin can feel like yet another demand in the daily grind and our research shows that 60% of Brits say they have limited or no time for doing things they enjoy. However, the average UK adult has many smaller unused pockets of time during the week, that are spent commuting, queuing, or waiting for food to cook, which add up to five hours and 15 minutes. Over a year this adds up to 273 hours, which equates to almost eight full working weeks2.
HSBC partnered with Behavioural scientist Professor Nick Chater of Warwick University to help identify how our brains cope with multiple demands and what learnings can be applied to help people make better use of their time to reduce the emotional impact of living busy lives.
Professor Chater commented: “The challenges facing the younger generation are amplified by the way in which humans judge the world around us. We tend to compare upwards to people in a better position than our own.
“We make our lives more manageable by doing the same things in the same circumstances, so we don’t have to think over every single decision we make from scratch. If you make banking a habit that you don’t need to think too much about, you are much more likely to get a lot more done, in a shorter space of time.”
Josh Bottomley, Global head of digital, RBWM at HSBC commented: “HSBC is utilising technology to help reduce the amount of time people spend sorting out every day financial tasks. Platforms that house everything you need in once place, machine learning that offers timely reminders when you’re like to spend too much and a host of other advancements that aim to bring people back in control of their precious time, meaning they’ll have more of it to spend doing the things they love.
“It can take as little as 10 minutes to open an account, and once it is up and running most daily or regular banking tasks can be completed in a few minutes, whether checking your balance to see how much you have left before pay day, making sure a payment has gone through, or cancelling a direct debit to that gym you never use.”
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Note to editors:
HSBC UK serves around 14.5 million customers in the UK supported by approximately 32,000 employees. HSBC UK offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and large corporates. HSBC UK Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,800 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,607bn at 30 June 2018, HSBC is one of the world’s largest banking and financial services organisations.
About Nick Chater - Professor of Behavioural Science, Warwick Business School
Nick Chater joined Warwick Business School in 2010, after holding chairs in psychology at Warwick and UCL. He has over 200 publications, has won four national awards for psychological research, and has served as Associate Editor for the journals Cognitive Science, Psychological Review, and Psychological Science. He was elected a Fellow of the Cognitive Science Society in 2010 and a Fellow of the British Academy in 2012. Nick is co-founder of the research consultancy Decision Technology; and is on the advisory board of the UK Cabinet Office's Behavioural Insight Team (BIT), popularly known as the 'Nudge Unit'.
Opinium Research is a market research agency offering quantitative and qualitative marketing research and consultancy across a range of sectors. www.opinium.co.uk