Nationwide's website
People's ability to set time aside to effectively manage their money is being choked by the "hamster wheel of modern life", according to a renowned scientist.
Neuroscientist Dr Jack Lewis, commenting on research commissioned by Nationwide Building Society on the psychology of saving, believes many people have adopted a laissez faire attitude towards money due to hectic lives, and that they must take time out to "recalibrate their internal balance sheets or risk unnecessarily frittering away their hard-earned cash".
Time management and planning emerged as a key theme in the research, with more than four in ten (42%) people always or often putting in too many hours at work, going out too much or buying more shopping than they actually need.
This grew to 54% and 51% for those aged 18-24 and 25-34 respectively.
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The poll of more than 2,500 adults across the UK, showed that four in ten adults did not have a dedicated savings account, while more than a quarter who do have one stating they are simply "saving for a rainy day", as opposed to anything tangible.
Dr Jack Lewis, author of Sort Your Brain Out, said: "We're a very busy nation and those who are particularly time poor could really benefit from periodically taking time out to recalibrate their internal balance sheets or risk unnecessarily frittering away their hard-earned cash.
"It's a case of telling ourselves that it's okay to step off the hamster wheel of modern life for long enough to figure out what we really want in the long run. Then set up a savings account dedicated to each specific long term goal."
In comparison, just over a fifth (21%) save for holidays, while 12% are putting money away for retirement and one in ten (11%) for their present or future home. A similar amount is shoring up money for Christmas (10%), while 8% are saving for DIY projects and children's education.
Dr Lewis said: "Living a hectic life can come at a cost, with any number of important considerations falling by the wayside in the mad dash.
"Money problems can quickly and unexpectedly creep up – whether ten pounds a week being spent in the shops on stuff that we don't really need but seems to be a great deal in the heat of the moment."
