87% OF MILLENNIALS DON’T FEEL ADEQUATELY PREPARED FOR MODERN MONEY MANAGEMENT ASPECTS OF ADULTHOOD

  • Full findings, graphics and methodology can be found at the below links:

https://www.bestinvest.co.uk/news/are-we-a-last-minute-nationhttps://www.bestinvest.co.uk/news/are-people-making-the-most-of-their-isas

87% of millennials admit that they don’t feel adequately prepared for modern money management aspects of adulthood, new research has revealed.

The study found that 83% of Brits –  and 91% of millennials – did not know that the end of the tax year (and the deadline date to use your ISA allowance) fell on 5th April. More than half of Brits (51%) – and more than three quarters (76%) of millennials – were also not aware that ISA allowances do not carry over to the next tax year.

The research, by online investment service Bestinvest, found that lack of knowledge regarding money management deadlines and allowances might be causing people to leave financial tasks until the last minute.

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Bestinvest has found its own clients can leave important tasks until the last minute. For example, despite the midnight deadline, last year Bestinvest experienced their investors making contributions as late as up to four minutes before the cut-off point. Also, 6.5% of total ISA contributions for the whole tax year came in the final 48 hours before the deadline, and the amount of investment within the last six hours was five-times higher than the same time period in the previous month.

Full findings, graphics and methodology can be found here: https://www.bestinvest.co.uk/news/are-people-making-the-most-of-their-isas

The research also revealed that Brits are putting off more general life admin. Almost three quarters (74%) of the public have admitted to leaving life admin and errands as late as possible, often resulting in them not being done on time, and potentially at a cost.

Sending cards (36%), studying for an exam (29%), essay / work deadlines (26%), cancelling contracts / memberships (24%) and paying bills (24%) were the tasks that millennials were most likely to leave to the last minute.

Laziness was the most common excuse when it comes to explain the nation of last-minuters, with 28% of Brits claiming that it was the main reason for not completing life admin tasks. This was followed shortly by people having their attention diverted elsewhere with other priorities (27%), with just over a quarter (26%) people simply forgetting they had them on their to do lists.

Full findings, graphics and methodology can be found here: https://www.bestinvest.co.uk/news/are-we-a-last-minute-nation 

Bestinvest Managing Director, Lee Dooley, commented on the findings:

“We’ve spent time investigating the things that people leave to the last minute, and naturally there’s general life admin that people put off, but more surprisingly was the fact that people are actively leaving important financial tasks until the last minute.

“Millions of people in the UK have ISA accounts, and the fact that so many people are leaving paying into them late means they could be missing out on making tax-free savings, or potentially missing out on a year of returns.

“With everything in life, we recommend that people prepare well and ahead of time, in order to get the most out of their investments.”

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