8 in 10 millennial Brits not on top of financial tasks

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HSBC: Time poor and stressed out, UK adults aren’t on top of their finances.

  • 4 in 10 millennials feel stressed, agitated or overwhelmed when not on top of their finances
  • In comparison: 55+ least likely to say they’re not on top of their financial admin (55%)
  • About 6 in 10 Brits currently using a mobile banking app to help them manage

Eight in 10 millennials in Britain say they’re not consistently on top of financial tasks, and the same proportion also say they have limited or no time for the things they enjoy doing, according to a new study from HSBC, Bitesize Banking: Effective time management to reduce financial anxiety.1

Millennials (18-34-year-olds) are also most likely (41%) to feel stressed, agitated or overwhelmed when they aren’t on top of their finance-related tasks compared with 32% of 35-54-year-olds and just 15% of over 55s.

Age group % who say they have limited or no time for the things they enjoy % 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
18-34 78% 80% 41% 21%
35-54 70% 69% 32% 40%
55+ 36% 57% 15% 64%
UK Average 60% 68% 28% 44%


The research also shows that the average UK adult has many smaller unused pockets of time during the week, like 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.

Habits & productivity: what the experts say
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.”

Professor Chater says good habits make us more productive. “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.” 

Banking 2.0: Taking advantage of new technology
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 everyday financial tasks. Platforms that house everything you need in one 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 payday, making sure a payment has gone through, or cancelling a direct debit to that gym you never use.”

 HSBC’s Top Five Tips to stay on top of your finances

  1. Use a financial services app – most financial tasks can now be done via a mobile banking app, any time, anywhere in a matter minutes. For example, HSBC’s Connected Money3 app allows users to see various accounts held across up to 21 different banks, including non-HSBC accounts.
  2. Use your ‘dead’ time – make the most of waiting time like commuting or queuing to keep on top of your finances.
  3. Break things into ‘bitesize chunks’ – it is easy to become overwhelmed by financial tasks but breaking them down can make them less daunting.
  4. Get into the habit – use your regularly recurring pockets of time for your finances so that they become part of an overall routine rather than something that sits at the bottom of your to-do list.
  5. Sign up to notifications – get timely reminders when payments are due and tips on how to make the most of your money to help you stay on track. 
For more information, to request the full copy of the report or an interview contact:

Suman Hughes

HSBC

Phone: +44 207 992 2748

Email: [email protected]

 

 

Jake Hudson

Hill+Knowlton Strategies

Phone: +44 207 413 3405

Email: [email protected]