We all know financial planning isn’t top priority for time-pressed parents, but a survey undertaken by Lemonade Money gave us a few surprises. Apparently sorting out your personal finances is as popular as putting out the bins!
In its ‘spring clean’ online poll*, Lemonade Money found 73% of people have set aside a task for spring; their top three chores are sprucing up the garden, de-cluttering the house/window cleaning and re-decorating.
Those without a major job in their sights said their most dreaded chores were deep-cleaning the bathroom, ironing and in equal ranking, dusting/sorting out personal finances/putting out the rubbish (marginally ahead of washing-up, vacuuming and gardening).
Spring clean enthusiasts also identified; clearing out the loft, garage and/or shed and painting as key priorities. Washing curtains/blinds/shutters, painting the shed and/or fences, power-hosing the drive and/or patio and sorting out personal finances were equally ranked, ahead of re-seeding the lawn and cleaning out the pond.
Thirty nine per cent say completing their ‘spring clean’ or ‘dreaded chore’ takes them more than one day while 31% whip through in two to three hours. When it comes to money management however, 36% are sluggish, taking from three months to a year to review their personal finances. Ten per cent never undertake this task.
Over a third of people – 37% – concede they don’t know where to start to put their finances in order. This says Lemonade Money is the stumbling block; common financial concerns are not having enough savings to fall back on, not having enough in retirement to live on and not being able to save on a regular basis.
While the team at Lemonade Money can’t help with household spring cleaning, they can help with the financial side of things. Their financial education website has interactive platforms to help you keep on top of your day-to-day finances and topics include debt planning/budgeting, saving, buying a new home and protection. Calculators enable users to identify any potential financial shortfalls and there are signposts on how to address them.
And for those who’d like a little more direction, Lemonade Heroes – financial fitness mentors – are on hand to help. For £49 the ‘Hero’ will undertake an initial 30 minute phone consultation, agree financial priorities, draw-up plans, monitor progress and provide support via email for a month.
*Online survey undertaken 1 – 12 February 2017, 72 responses.
Do you have one major job set aside for the start of spring?
Yes – 73%
No – 27%
If answered yes, what is your major job for spring?
- Sprucing up the garden – 18%
- De-cluttering the house – 16%
- Window cleaning – 16%
- Redecorating – 14%
- Clearing out the loft – 6%
- Clearing out the garage/shed – 6%
- Painting interior/exterior of the house – 6%
- Washing curtains/blinds/shutters – 4%
- Painting the shed/fences – 4%
- Power-hosing the drive/patio – 4%
- Sorting out personal finances – 4%
- Re-seeding the lawn – 1%
- Cleaning out the pond – 1%
If answered no, what is the household chore you dread doing the most?
- Deep cleaning the bathroom – 36%
- Ironing – 25%
- Dusting – 8%
- Sorting out personal finances – 8%
- Putting out the rubbish bins – 8%
- Washing-up – 6%
- Vacuuming – 6%
- Gardening – 3%
How long does it take to complete either your major job for spring or your most dreaded household chore?
- More than one day – 39%
- Two to three hours – 31%
- A whole day – 12%
- One hour – 11%
- Half an hour – 7%
How often do you review your personal finances?
- Weekly – 30%
- Monthly – 24%
- Quarterly – 20%
- Never – 10%
- Once a year – 9%
- Half yearly – 7%
Do you struggle to know where to start when it comes to getting your personal finances in order?
No – 63%
Yes – 37%
What is your main financial concern?
- Not having enough savings to fall back on – 24%
- Not having enough in retirement to live on – 20%
- Not being able to save on a regular basis – 18%
- Not having enough money to live on each month – 16%
- Don’t have any financial concerns – 12%
- Unable to get on the property ladder – 6%
- Growing debt – 4%
If you needed help on any aspects of your finances, where is the first place you would go?
- Financial websites – 37% (incl 4% Lemonade Money)
- Family/friends – 36%
- Wouldn’t know – 14%
- Financial adviser – 8%
- Personal bank – 5%