Quick Decisions Cost UK Consumers £520 A Year

Posted on 15 January, 2016 by Chris Grigorovsky

According to a Barclays Blue Rewards survey, over 60% of Brits take less than a second to make a decision regarding the acceptance of a deal, costing them an average of £520 a year.

Man's Hand holding 300 in twenty pound notes

On average, Brits are offered 14 deals per week, with 40% going for the cash back or money over vouchers and 2-for-1 deal, while 10 percent admitted to missing out on up to £1,300.

Commenting on the findings, Managing Director of Personal Banking at Barclays, Catherin McGrath, said: “Although it can feel like there are hundreds of deals on offer each day, these findings show the importance of taking some time to consider our options.”

She advised consumers to check over their finances in January and focus on what areas could best save them money, make extra income, as well as taking advantage of a deal.

The general consensus according to the data is that 39% of consumers feel have a fear of there being a hidden catch, while 17% are fearful of being “tied into something.”
Professor of Psychology at Edge Hill University, Dr Geoffrey Beattie, said: “It is often the split second decisions of the heart that lead us to turn down things like offers because of an emotional response.

“If you take those extra seven seconds to make the decision with your head, it gives you the time to rationalise whether an opportunity is good for you or not.”

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