The research which examined the places where people make big financial decisions found a third (33%) have also made big financial choices while on holiday and a fifth (21%) have had important financial realisations whilst in the shower. Meanwhile 19% have made a decision after a pint in the pub – rising to as many as 30% among 18 to 34 year olds.
The financial decisions made in these locations were most commonly around large purchases, such as a car or expensive holiday, with 30% making this sort of choice in the pub, 27% in the shower and 26% both on a walk or holiday.
Many others have made significant lifestyle changes outside of the home too:
• On a walk: 19% chosen to change jobs
• In the pub: 21% decided to purchase a property
• In the shower: 19% decided to take out a loan
While the majority of people who’ve made a major financial decision are happy with their choice, one in 20 (5%) admit they regret choices made in the pub.
Mike Ambery, Retirement Savings Director at Standard Life, part of Phoenix Group commented: “A change of scene can often bring clarity when making important decisions. Whether it’s getting fresh air on a walk, relaxing whilst on holiday or having a pint in the pub, a new environment can spark those lightbulb moments to help guide choices. While most people feel confident about the financial decisions they’ve made in these settings, it's crucial to take a moment to pause and reflect - especially when it comes to big, life-changing choices - to ensure they’re the right ones."
Standard Life provides tips to help people make major financial decisions:
• Set your long-term goals – “Having overall financial goals - such as saving for retirement or buying a home – will help you focus your decision making. It’s easy to make spontaneous decisions in a relaxed environment, but it’s important that these decisions align with any long-term plans.
• Take time to reflect – “When you’re considering a major purchase or lifestyle change in an unusual setting, like on a walk or after a pint, give yourself the time to pause and reflect on your choices. If you’re making choices that will still impact you in the long-term, it’s important to carefully consider them over a period of time.
• Seek advice when necessary – “If you’re uncertain about a significant financial decision, seek advice from an expert, such as a financial adviser. Even taking time seek advice from a loved one can offer a bit of perspective and can help prevent you from making emotional or rushed decisions.
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