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Many people put off financial planning tasks

Many people put off financial planning tasks

Most people postpone making decisions about issues such as life insurance or protection, even if they are in charge of the household finances.

Jerry Toher, chief executive of Royal London’s consumer division, said: “Given how many things householders have to juggle, it’s not surprising to hear that they struggle to get to grips with money matters and delay certain tasks.

“I empathise when it comes to buying life insurance online – some providers make the process arduous and too confusing.

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“When we began designing our life insurance to sell online, we knew we must challenge the status quo and do something different – far removed from the norm.”

His comments came as the firm undertook a survey of 2,000 UK adults, which found that an overwhelming number – 72 per cent – of people admitted to postponing or delaying tasks. Respondents said this was because products were “too confusing” or the respondents said they struggled to know how to get started. Some said the issues were “too boring”.

Almost a third said they tended to delay taking care of insurance for their possessions or for their family.

Adviser view

Trystan Lewis, a chartered financial planner with Cheshire-based Griffin Wealth Management, said: “I think it is human nature – we tend to put things off until there is an urgent need, and unfortunately people tend to leave protection or retirement planning until their late 40s.”