Brits forced to delay big financial decisions

Published on 1 January 1970 by Raffick Marday

New research shows the extent to which Brits are being hit by price rises and austerity measures, with millions of people delaying big life decisions.Prepaid cards on holiday

Brits are becoming increasingly wary when it comes to their finances, with millions of people across the country delaying decisions that could make a substantial dent in their savings.

Keen to keep their finances intact, nearly one in five has put off buying a car in the past 12 months, perhaps put off by the overall cost of motoring, including fuel and rising insurance premiums, in addition to the cost of the motor itself.

In the current economic climate, a steady income is crucial – perhaps why 17% have delayed a decision about changing jobs over the past year.

A further 9% have also pushed back a decision about setting up a business or becoming self-employed.

People have also chosen to hang fire when it comes to big decisions about their homes, with 14% postponing a decision about moving house and 7% shelving their decision to buy their first home.

The research was conducted by Gocompare.com. On behalf of the company, John Miles said: “For many, increases in the cost of living are running ahead of their income, which means people need to manage their household budgets carefully if they are to retain their standard of living.”

The unstable economy has left 41% of Brits believing they are worse off than their parents were at the same age.

The research also revealed that 27% of people have delayed a decision about going on a foreign holiday over the past 12 months, in a bid to save money.

Everyone needs a holiday once in a while, and it doesn’t have to be hugely expensive. Bag the best deals on flights and hotels by booking in advance or at the last minute, and try to avoid buying your travel moneyat the airport in order to dodge expensive rates.

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