UK consumers lose £520 a year because of quick decisions

Over 60 per cent of Brits take less than a second to decide whether or not to take a dea

Click to follow
The Independent Online

British people could be losing hundreds of pounds yearly by making financial decisions about offers too quickly, according to a new survey.

Over 60 per cent of Brits take less than a second to decide whether or not to take a deal, costing them an average of £520 a year, according to a survey of 2,000 UK adults by Barclays Blue Rewards.

Another 10 per cent have admitted to missing out on up to £1,300.

Brits are offered an average of 14 deals per week, with 40 per cent choosing cash back or money over vouchers and 2-4-1 deals.

Catherine McGrath, Managing Director, Personal Banking at Barclays advised British consumers to examine their finances this January to make sure they concentrate on where they could save, make some extra money or take advantage of a deal.

“Although it can feel like there are hundreds of deals on offer each day, these findings show the importance of taking some time to consider our options,” she said.

Most consumers turned down a deal for fear of a hidden catch, while 17 per cent are afraid they might “be tied into something”, according to the survey.

Another 13 per cent chose not to take up the effort as the value seems too good to be true.

Dr Geoffrey Beattie, Professor of Psychology at Edge Hill University said that when it comes to taking up deals our heart might be ruling over our head.

“It is often the split second decisions of the heart that lead us to turn down things like offers because of an emotional response. If you take those extra seven seconds to make the decision with your head, it gives you the time to rationalise whether an opportunity is good for you or not,” he said.

Comments