Many people in the UK know they should consider their finances, yet financial planning is often put off until “later”, a very natural human behaviour.
Later becomes next year.
Next year will be five years.
And before you know it, many opportunities are missed, and mistakes become expensive.
It’s a pattern many of us recognise from our college days: “I’ll study tomorrow,” only to cram the night before the exam. Procrastination creates pressure then, but in real life, the same habit can lead to serious financial consequences.
So why do so many people delay financial planning, and what does it really cost them?
1.“I Don’t Earn Enough Yet”
One of the most common reasons people delay financial planning is the belief that it’s only for the wealthy.
The reality:
Financial planning isn’t about how much money you have; it’s about how well you manage what you earn. It applies to everyone, from lower- and middle-income households to high earners. The real goal is to build healthy financial habits as early as possible.
Even modest incomes benefit from:
- Clear budgeting
- Tax-efficient saving
- Pension planning
- Smart use of ISAs
Starting early often matters more than starting big. Small, consistent decisions can have a powerful long-term impact.
2. Fear of Making the Wrong Decision
- “What if I invest at the wrong time?”
- “What if I choose the wrong pension?”
- “What if I lose money?”
3. Thinking “I’ll Deal With It Later”
- Retirement feels far away
- Risks feel abstract
- There’s no immediate pressure
Taking small, sensible actions today can prevent time and money from becoming costly constraints in the future.
4. Belief That Financial Advice Is Complicated or Expensive
- Financial advisers are only for high-net-worth individuals
- Advice will be sales-driven
- Fees won’t be worth it
- Avoid costly mistakes
- Make tax-efficient decisions
- Build a realistic, personalised plan
5. The Hidden Cost of Delaying Financial Planning
- Missed investment growth
- Poor pension outcomes
- Higher tax bills
- Inadequate protection for the family
- Zero emergency funds
- Stress and uncertainty later in life
What feels like “saving time” today can result in limited choices tomorrow.
Why Getting Advice Early Makes a Difference
- Clarify your goals
- Understand your options
- Make confident, informed decisions
- Adjust your plan as life changes
Take the First Step (Without Pressure)
- Understand where you stand today
- Identify opportunities you may be missing
- Create a plan that fits your life and goals
