Brits are prioritising social media over personal finances

A study of 2,000 adults found they typically devote just 24 minutes a week to reviewing their expenses, budgeting, and planning their future finances – but 48 minutes scrolling through social media platforms

Brits are spending twice as much time on social media than they are managing their personal finances. (SWNS)

Brits are spending twice as much time on social media as they are managing their personal finances. A study of 2,000 adults found they typically devote just 24 minutes a week to reviewing their expenses, budgeting, and planning their future finances – but 48 minutes scrolling through social media platforms.

More time is also spent online shopping (26 minutes), listening to podcasts (31 minutes) and playing video games (39 minutes). In a separate study it was found spending time on money matters, whether planning for the future or learning about personal finance topics, is the most important factor that boosts financial confidence.

And, regardless of income, those with higher levels of financial confidence were found to be £58k better off in terms of net wealth, than those with low confidence. Brian Byrnes, head of personal finance at saving and investing app Moneybox, which commissioned both pieces of research, said: “I have always believed the best thing you can do for your financial situation is spend time getting to grips with money matters and our report shows just how valuable it can be.”

“Setting aside time every week, to review your budget, research the best financial products for your needs or make a plan to help you achieve an important financial goal, will make a huge difference to your confidence and your financial position over time.”

The study found that worryingly, only 20% of people say they consistently spend time learning about personal finance topics. Another 20% don’t spend any time at all researching the best financial products for their needs, while 40% admit to only allowing a small amount of their time doing this. And 28% admit they don’t know how to go about choosing the right financial products for their needs.

Surprisingly, just 16 per% openly embrace digital tools and technology to help manage their finances, the research conducted via OnePoll found. As a result, 64% of adults believe they have missed out on financial opportunities because of a lack of confidence and knowledge.

Brian Byrnes from Moneybox added: “Spending thirty minutes each week working on your personal finances might not seem like a lot, but over the course of a year, this would result in 26 hours dedicated to improving your financial situation. For example, currently only 30% of people invest in the UK with a lack of confidence cited as the most common reason for why people don’t.”

“As a former financial adviser, I know that historically, investing has long been proven to be the best way to beat inflation and grow your money over time. Imagine the impact spending 26 hours a year learning about investing could have on most people’s lives.”