According to new research from Scottish Widow, four million Brits are put off financial planning because of decision fatigue. The research has found that Brits say they do not have enough mental space to make the right choices when it comes to tackling difficult decisions, and a further 6.4 million people claim they simply do not have time to do important life admin.
With people’s lives getting busier and more stressful, it’s no surprise that many feel overwhelmed at having to make big decisions about financial planning.
Mark Fenton-O’Creevy, professor of organisational behaviour at The Open University Business School and expert on financial decision making, said: “Important decisions about our lives can be easier to tackle if we create the mental space to deal with them. Putting lots of time and effort into everyday choices not only reduces our time and mental resources for more important decisions, it can be a way of avoiding difficult choices we should be making.
“The good news is that it is possible to make small changes to create more mental space for better choices.
“Our ability to make choices is like a muscle, it gets exhausted and we need time to recover. This is especially true of choices that require hard thinking or involve difficult emotions. Life is becoming more complex and for many, more stressful. This ‘decision fatigue’ can reduce our mental energy for making important life choices and could lead to some people missing out because they’ve avoided making decisions or made poor choices.”
If you need help making a decision about your finances or simply want to talk through your current situation, then get in touch with us today.