For many Britons, a stroll in the park may provide more than just a breath of fresh air – it could also be the moment a major financial decision takes shape.
According to new research from Standard Life, part of Phoenix Group, 38% of UK adults say they have contemplated important financial choices while walking.
The study, which explored the settings in which people make big financial decisions, reveals that a third (33%) of adults have made such decisions on holiday, while 21% have had financial epiphanies in the shower. Perhaps more surprisingly, 19% admit to making major financial calls in the pub – a figure that rises to 30% among 18 to 34-year-olds.
Common decisions made in these more relaxed or informal settings include purchasing a car or booking a high-cost holiday. Some 30% of those who made financial decisions in the pub did so around such large purchases, while similar decisions were made by 27% of those in the shower and 26% of those while walking or on holiday.
Beyond financial commitments, lifestyle changes have also taken root away from the home. Nearly one in five (19%) of those surveyed said they had decided to change jobs while out on a walk. Meanwhile, 21% said they had resolved to purchase property while in the pub, and 19% had opted to take out a loan while showering.
Despite the unconventional nature of these decision-making environments, most people felt satisfied with the outcomes. However, 5% of respondents expressed regret over financial choices made in the pub.
Mike Ambery, retirement savings director at Standard Life, suggested that a shift in environment could prove helpful when it comes to making key financial decisions. “A change of scene can often bring clarity when making important decisions. Whether it’s getting fresh air on a walk, relaxing whilst on holiday or having a pint in the pub, a new environment can spark those lightbulb moments to help guide choices,” he said.
Ambery warned, however, that even in moments of inspiration, a pause for reflection is vital. “While most people feel confident about the financial decisions they’ve made in these settings, it’s crucial to take a moment to pause and reflect – especially when it comes to big, life-changing choices – to ensure they’re the right ones.”
Standard Life is encouraging consumers to set long-term financial goals, reflect carefully on major decisions, and seek advice where needed. While spur-of-the-moment decisions may strike in the most unlikely places, the firm advises that due diligence and forward planning remain key to financial wellbeing.
