Sorting out finances is one of the least favourite things to do and one of the most likely to be put off, according to a new survey.
Thousands of people of all ages were asked about how they manage their lifestyles.
More than one in four (27%) confessed they never check their pensions because they found the task too boring.
A similar number of retirement savers over 55 years old also admitted they have no idea of pension details such as policy numbers or how their money is invested.
In fact, most people spend more time clearing up their garden sheds rather than deal with their pensions, the research by insurance company Standard Life found.
The do it later list
Only 54 minutes is spent thinking about saving for retirement, while 67 minutes is spent organising the sheds.
Other financial tasks also rate quite badly on the top 12 ‘do it later’ tasks.
Here’s the full list:
- DIY – 86%
- Gardening – 82%
- Household cleaning – 77%
- Checking my pension – 64%
- Checking any loans (incl. student loan) – 62%
- Reviewing my mortgage deal – 59%
- Checking my investments / savings – 55%
- Cooking – 50%
- Grocery shopping – 49%
- Organising my day-to-day budget – 49%
- Reviewing my household bills – 48%
- Reviewing my bank accounts – 47%
Age made a difference to the way people manage their lives.
Long term savings delayed
Those under 35 years old spend more time sorting out their money, while three-quarters of 35 to 54 years olds put off reviewing their pensions.
“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,” said Jamie Jenkins, a pension expert at Standard Life.
“Getting into that long-term savings mind set 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”
