Standard Life Reveals One In Eight UK Adult Can't Wait For Greater Reward

Released on: May 26, 2011, 2:04 am
Author: Standard Life
Industry: Financial

Standard Life, the long term savings and investments specialist, has conducted a poll and found that one in eight of UK adults adopt a 'live for the moment' culture and would choose the instant gratification of a £640 holiday this year, rather than be willing to wait five years for a holiday worth £5,000 instead.*

The figures come from Standard Life's UK-wide poll and prize draw**, in partnership with boutique hotel specialist i-escape.com, which investigates the nation's attitudes to planning for the future. Entrants have to vote on which prize they would prefer; a short break this year worth £640, or a holiday of a lifetime in five years time worth £5,000.

Standard Life's John Lawson said: "Planning five years ahead is something many people find difficult to imagine or do their best to avoid. Our poll shows that some people just seem too impatient to wait for greater rewards in the future, no matter how enticing they are. But being patient and taking a long term view on your finances is precisely what helps you achieve your goals and, ensures you remain financially secure. It might seem easier to take a short term view, but unless you plan ahead how else can you look forward to your future with confidence and optimism?"

Standard Life also points out that if everyone was this impatient, the world would be a far different place. If one in eight of the doctors employed by the NHS weren't patient enough to finish their studies, the UK would have 14,061 fewer doctors**. Inventions such as the Dyson vacuum cleaner may also have never been made if the inventor Mr James Dyson has been impatient, as it took five years to develop the iconic bagless vacuum cleaner***.

Notes to Editors:
* According to the Standard Life poll which runs online until 25 May 2011, 13% would choose a £640 holiday this year rather than a £5,000 in five years' time because they 'don't want to wait five years'. 6213 people have taken part in the poll so far and 825 (13%) chose a £640 holiday this year rather than a £5000 in five years' time for the reason that they 'don't want to wait five years'. A further 1057 (17%) said they wanted the short break now as they didn't know what they would be doing in five years' time.

** Daily Mail website.

*** 4 Vacuum Cleaner website.

About Standard Life:
Standard Life is a leading long term savings and investments company headquartered in Edinburgh and operating internationally. Established in 1825, Standard Life provides ISAs, life assurance, annuities, investment funds, investment bonds, tax efficiencies, pensions including self-invested personal pensions (SIPP) company pensions, stakeholder pensions and employer pensions, and investment management to over 6.5 million customers worldwide.

Press Contact:
Nicki Lundy
Standard Life plc
Ground Floor
Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8EG
0131 247 2737
www.standardlife.com

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