More than 12 million* UK adults find themselves too time poor to effectively manage their personal finances, according to comparethemarket.com estimates. A poll of 2,000 adults found that 24 per cent feel that they don’t devote enough time to sorting out their finances. The biggest barrier to devoting more time is being “too busy with other things”, with over half of respondents (53%) saying this is why they don’t bother, followed by over a quarter (27%) saying that they found managing their personal finances to be “bewildering”. A quarter of under 25 year olds said that the reason they don’t devote enough time to their personal finances is that they are “not interested” and that “it’s boring”.

35-54 year olds feel that they have the least amount of time, with nearly a third (30%) saying that they are falling short of the time required to sort out their finances. This “time poor generation” are also the most inert of all age groups when it comes to switching energy provider and planning or managing their life cover.Amongst the 35 to 54 year olds who have life insurance, one in five (21%) have never spent time revising the terms of their cover. Furthermore, nearly a quarter (23%) of 35-54 year olds have never switched energy provider, despite the well-publicised savings and recent Government campaign calling on people to save on their energy costs, along with the fact that this age group is likely to be providing for families and keen to make savings wherever they can be found. The figures are better for motor insurance, where over a third (34%) have switched provider in the last year and only 8% have never switched provider.

Simon McCulloch, Director at comparethemarket.com said: Sadly too many people today find themselves unable to devote sufficient time to sort out their personal finances. This is particularly the case for the “time poor generation”, who tend to have many commitments and responsibilities. However, this is not a trivial concern. Inertia in energy switching could lock people out of savings hundreds of pounds on their annual bills. At a time when wholesale energy prices are rising, which could cause gas and electricity bills to go up quickly in the coming months, it is vital that people find those few minutes to shop around and switch to the best available tariff. Inflationary pressures next year could also make everything feel a little more expensive, so cash-strapped families will be wanting to find savings where they can be made.”

“When it comes to life insurance, for many people life gets in the way of sorting it out. But life insurance cover is so important for 35-54 year olds – adequately providing financial support for your loved ones in the event of your untimely demise – that it is really worrying that so many people seem to not have enough time to manage or plan their cover. 53% of the adults we polled don’t have life insurance. For those who find it bewildering, most comparison sites and life companies have numbers you can call. For those who are too busy doing other things, you can buy cover in 10 minutes – so take time and protect your family.”