Scots worry daily about money but prioritise watching sport

The survey conducted by Censuswide for the wealth manager found that 27 per cent of Scots think watching sports will directly impact their financial management or planning this summer

Meanwhile 43 per cent anticipate losing hours or days to watching sport this summer. If given an extra hour in the day, only 9 per cent would spend it on their financial planning.

The study also found that 47 per cent of Scots don’t think they spend enough time on their wealth management, and plan to spend more. When thinking about their long term financial planning, only 13 per cent feel calm and in control due to having a robust savings plan.

David Goodfellow, head of wealth planning at Canaccord Wealth said: “The average tennis match lasts up to two hours - but you don’t need anywhere near that long to get on the front foot with your finances. In fact, just one game of tennis is enough time to check your daily spending, half time at football could be all you need to review your investment portfolio, and in the time it takes to watch the rugby, you could have your entire financial plan back on track.

“Our findings reveal that, despite many of us claiming to have no time, it’s often not about having more time, but rather using the time we have wisely. Often starting a task is the hardest part, but by dedicating time to finances, just a fraction of what we spend watching sport, we could become a nation of financially savvy supporters.”

Canaccord Wealth provided some tips to help people plan their wealth with confidence:

• Meet with a financial advisor - set up a meeting to map long-term financial goals and identify the actions to be taken to achieve them
• Take changing circumstances into account - regularly check and update your financial plan to ensure it remains relevant to your circumstances e.g. receiving inheritance or splitting up from a long-term partner
• Track down your pensions - identify and consolidate your pensions to have an up-to-date figure on your current pension amount
• Plan for passing on your wealth - revisit and update your will regularly, to ensure your intentions for passing on your wealth are reflected