Finances suffer as Brits work harder

05 May 2008 / by Rebecca Sargent
Brits are struggling to find a happy medium between work and life which is affecting their bank balances as a result, research from American Express Insurance Services has said.

The research showed that eight out of ten workers are failing to do important things like sort out their finances because work is stretching into their personal time. It is not just finances that are being affected by Brits' inability to effectively juggle work and life, other important aspects are suffering too.

The study showed that 45 per cent of those questioned have no time for exercise and 34 per cent are too rushed to cook from scratch. In an age when there is a lot of emphasis on the importance of healthy living, these two activities can make a real difference to a person's lifestyle, meaning that working too much could consequently have a detrimental affect on the health of the nation.

When it comes to finances, and preparing for the future, the research showed that almost a third of Britons admit to not finding the time to look into pension schemes and plan for their financial future.

According to American Express Insurance Services, shopping around for the best deals on things like car insurance and home insurance should be a priority given the current financial climate. However, a worrying 13 per cent of respondents said they do not have time to search for better deals when they renew their insurance.

Incurring bank charges is another way that Brits are finding themselves out of pocket as a result of all work and no play. The study showed that 16 per cent of people questioned often forget to pay their bills on time, causing them to incur bank charges and other penalties.

Personal relationships are also reportedly suffering at the hands of work. As many as one in four people admit to not spending enough time with their partner or children, and 39 per cent do not manage to keep in touch with friends and relatives.

Head of American Express Insurance Services, Chris Rolland said: "We recognise that for many hard working Britons there are simply not enough hours in the day. However, our research shows many Brits are letting health, relationships and finances suffer as a result."

©Fair Investment Company Ltd