Standard Life Reveals Commitment Peak Begins At 35 For Average Person In The UK
Released on: September 08, 2011, 1:35 pm
Standard Life has published 'Your Commitments, Your Future',
a study developed with psychologist Professor Janet Reibstein into the
nature of commitment. It reveals that financial and emotional
commitments peak between 35-44 years of age when people spend on
average £1,160 a month on financial commitments and think about them
for 45 minutes every day.
The research reveals that during a lifetime, the average person spends £914 a month
on financial commitments and 37 minutes thinking about them everyday. In contrast,
they spend £87 a month on emotional commitments, thinking about them for 2 hours, 18
minutes every day.
According to the Standard Life study there are three core commitment life stages
with transition phases in between:
- Commitment Sleepwalkers (18-24) who have a smaller amount of financial and
personal relationship commitments. Their regular financial commitments amount to
just £458 a month. They spend the least amount of time thinking about their finances
so are at risk of overlooking the long term cumulative affects of these costs.
- The Fully Committed (35-44) who are at the peak of their regular financial
commitments, spending an average of £1,160 each month and likely to be paying a
mortgage, looking after a child and paying off any debt accrued in earlier life.
- Commitment Slowdowns (55+) who are starting to become less financially and
emotionally committed. They are spending £818 on their commitments each month,
almost £100 less that the average.
Commenting on the research findings, Professor Reibstein said: "'Your Commitments,
Your Future' shows a discrepancy in how much attention we devote to our financial
and emotional commitments. We spend over two hours a day thinking about emotional
commitments, but just 37 minutes on our financial commitments.
"People consider financial commitments as something abstract, separate to their
emotional life. But our finances underpin our most important relationships and often
our ability to achieve our future goals. The Standard Life report makes it clear how
vital it is for people to engage with their finances, their personal relationships
and future aspirations as one single entity."
Standard Life's John Lawson added: "'Your Commitments, Your Future' breaks our
commitments down into life stages, giving a clear picture of how our commitments
change throughout our life. This understanding can help substantially with planning
our personal finances so that we can feel confident about the future and achieve our
goals. It’s clear that financial commitments can support our relationships - they
underpin them. If people were to dedicate more time to their long term financial
planning, they wouldn’t just be better off financially, they’re likely to be better
off all round."
The full 'Your Commitments, Your Future' report is available at www.knowyourcommitments.co.uk where people can also compare their financial and
emotional commitment profile by using an interactive tool and watch Professor
Reibstein analysing commitment in more detail.
Notes to Editors:
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was
2016 adults. Fieldwork was undertaken between 17th - 20th June 2011. The survey was
carried out online. The figures have been weighted and are representative of all UK
adults (aged 18+).
- Methodology: This survey has been conducted using an online interview administered
by members of the YouGov Plc GB panel of 300,000+ individuals who have agreed to
take part in surveys.
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 life assurance, annuities, life insurance, savings products such as a stock
and shares ISA, investment bonds, tax efficiencies, pension products such as a self
invested personal pension, financial education and investment management to around 6
million customers worldwide.
19a Canning Street
0131 245 2737
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