People find financial decisions more difficult than choosing a partner – study

September 29, 2020 11:01:00 PM

People find financial decisions more difficult than choosing a partner – study

Financial decisions such as where to buy a house and how to invest money are seen as more perplexing than choosing a partner to spend your life with, a study has found.

Choosing where to buy a house was selected as the most difficult decision of all, with 32% of people opting for it when asked: Which of the following do you think are the most difficult decisions you face in life?

The dilemma of whether or not to change jobs was chosen as the second biggest struggle, chosen by 27%.

This was followed by the task of choosing how to invest money (25%), according to the research commissioned by Barclays Plan & Invest, a new digital advice service. The study was carried out in partnership with researchers at University College London (UCL).

The decision of where to buy a house is seen as the toughest life choice, according to the research
The decision of where to buy a house is seen as the toughest life choice, according to the research (Tim Ireland/PA)

Selecting a partner came fifth on the list, chosen by just over a fifth (21%) of people. It was also behind the decision to use savings on a major purchase (25%).

Robert Smith, head of behavioural finance at Barclays Wealth Management and Investments said: “It comes as no surprise that financial, and particularly investment, decisions rank so highly as some of life’s tougher choices. It’s easy to be overwhelmed by the sheer number of investments on offer or be put off by the amount of jargon – particularly if you’re new to investing.”

Some 2,000 people were surveyed across the UK in September.

Here are the five toughest life decisions people face, and the percentages of people who chose them, according to the study. People could choose up to three answers:

1. Where to buy a house, 32%

2. Whether or not to change jobs, 27%

=3. How to invest your money, 25%

=3. Choosing to spend some of your savings for a major purchase such as a house or a car, 25%

5. Choosing a partner, 21%

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