52 per cent of Brits struggling to manage finances, bills, subscriptions and important documents, research finds
Over half of UK citizens struggle to stay on top of life admin, according to new research from Lyfeguard, a leading life management and FinTech platform.
The findings come following a survey of 2,000 Brits, polled via independent polling agency Censuswide in April 2023, to discover key pinpoints that consumers are facing with managing their crucial life documents.
Amid the backdrop of the cost-of-living crisis and economic uncertainty, consumers have become more aware of spending habits and in turn are trying to give increased importance to their life admin, but 52 per cent are still struggling.
Over a third of people have shared that life admin has had a negative impact on their mental well-being – especially among those in their early careers, with 57 per cent of 25-34-year-olds suffering.
47 per cent have agreed that they would be happier if they were more organised, and 57 per cent stated that it would be easier to manage life admin if all of their information was stored in one place.
The research found that many share a lack of awareness to document storage systems and 43 per cent have reported that collating all their important life documents takes too long, eating into upwards of 5 hours per week, and half struggle to quickly find key information when needed.
Fraser Stewart, Chief Commercial Officer of Lyfeguard said: “Life admin tends to slip under most people’s agendas until they approach a certain age, but in today’s climate it’s become more important than ever for all ages to keep on top of where their important information sits. People are worried enough about the cost-of-living crisis and gathering information for life admin should not add to this anymore, especially when it starts to impact on people’s wellbeing.”
“Consumers need easy-to-use, time-saving solutions for all tasks, including managing their most important documents, bills and subscriptions. Lyfeguard was set up with this at its core, acting as a centralised hub for people to spend less time managing their lives and more time living them.”
Lyfeguard was founded by father-son team Gary and Fraser Stewart to revolutionise financial management and life planning to help people keep on top of their important documents, bills and life matters, as well as address a lack of planning for end-of-life.