The average Brit takes 10 minutes to make an everyday decision, a study has revealed.
Researchers found instead of immediately deciding what to have for lunch, how to spend money or what to wear, most people will consider all of their options before making up their minds.
Deciding which film to watch takes an average of six minutes and 52 seconds, whether to buy a new item of clothing sees 10 minutes and eight seconds spent considering the options while settling on a holiday location takes just over a week.
Worryingly Brits spend less than eight minutes deciding how much money to put into their savings, but will take four days making their mind up on how to spend spare income at the end of each month.
And all this dithering can come at a cost, with 64 per cent saying they have missed out on a bargain, extra money and even a job because they took too long making a decision.
Another 57 per cent often end up making rash decisions because they leave things to the last minute.
Stacey Stothard from Skipton Building Society, which commissioned the research, said: “We’re a nation of hares and tortoises when it comes to making decisions.
“But we really should aim to be the wise owl instead. People who don’t over think those day-to-day smaller decisions, but consciously allocate themselves time and space to think through the important ones enjoy a balance that many overlook.
‘’We are faced with a host of decisions everyday ranging from the minor things to ones which could be potentially life-changing.
‘’And while a small number of people seem happy to make snap decisions within seconds, most like to take their time and consider their options, especially on more important decisions.
‘’But most things need a decision to be made within a certain timeframe and taking too long to make up your mind can mean you can miss out on things if you aren’t careful.”
The study, of 2,000 Brits, found the average adult spends just under two minutes deciding what drink to order in a pub and almost nine minutes choosing where to go on a first date.
And when it comes to meals, we spend just over three minutes considering our options for lunch, but almost five minutes decided what meal to cook for dinner and six minutes choosing a bottle of wine.
A decision about what to wear that day takes an average of six minutes also, while settling on a gift for a partner on their birthday takes ten days.
More than five days are also needed to decide whether to up your monthly pension contributions, while picking out a new car takes over two weeks, at 15 days.
And with the general election approaching, the results show Brits need to allow five days and 18 hours to decide on who is getting their vote.
It also emerged nine in ten Brits reckon they are good at making decisions – with the average adult making around 15 a day.
But while just over a quarter tend to make quick snappy decisions, 74 per cent like to take their time to think about all the options before making their mind up.
However, taking as much time as possible to consider their options means almost two thirds have ended up having to rush a decision because they took too long making up their mind and ran out of time.
And 64 per cent have missed out on something altogether.
Sixty-two per cent were too late to get a bargain or cheap deal, a quarter have lost out on tickets to an event while 22 per cent have missed out on extra money.
Investment opportunities, holidays and even a job are also among the things Brits have let pass them by after taking too long to make up their minds.
Fifty-six per cent also admitted they struggle to make a decision when they are on a time limit or have to decide something by a certain time or date, but 63 per cent often leave things until the last minute because they can’t decide what to do.
But almost six in ten Bris reckon they would make better decisions if they were more organised and didn’t leave things to the last minute.
Stacey Stothard added: “Of course everyone arrives at their own decisions in their own time, but Brits have today given us a snapshot of the speed at which they make everyday and much more significant decisions.
“It might not matter if you take an age deciding what to have for lunch, but choosing how much money you want to put into savings each month or your pension contributions will directly affect your and your family’s financial future.
“We see this behavior first hand in our branches during ISA season. We see notably calm organised customers who come April 6 have all of their tax free savings arranged for the year ahead – enjoying a full year’s worth of tax free savings. But we also see last minute savers, busy people who leave it until the last day of the tax year to secure that year’s ISA allowance, costing them potentially hundreds of pounds or even their entire year’s tax free savings allowance.
“For decisions like these, people really should take the time to explore and then plan their choices – as a great deal is at stake.”
Decision times:
What drink to order in a pub or bar – 1 minute 53 seconds
What to have for lunch – 3 minutes 13 seconds
What to have for dinner – 4 minutes 55 seconds
What outfit to wear that day – 5 minutes 37 seconds
Which bottle of wine to buy – 5 minutes 40 seconds
What film to watch at the cinema – 6 minutes 25 seconds
How much money to put into savings – 7 minutes 52 seconds
Where to go on a date – 8 minutes 58 seconds
Whether to buy a new item of clothing or outfit – 10 minutes 8 seconds
How to spend your spare income – 4 days 2 hours
Who to vote for in an election – 5 days 18 hours
Whether to increase your monthly pension contributions – 5 days 19 hours
Where to go on holiday – 7 days 13 hours
Whether to get married – 8 days 12 hours
Whether to have children – 8 days 12 hours
Whether to switch your gas/electric supplier – 8 days 13 hours
Whether to go on holiday – 9 days 10 hours
What to buy your spouse/partner for their birthday – 10 days 6 hours
What to buy your spouse/partner for Christmas – 10 days 11 hours
Which school to send your children to – 11 days 1 hour
Which car to buy – 15 days 5 hours
ENDS
