GBP The Great British Procrasti-nation | Page 15

NEED MORE INSPIRATION TO BANISH YOUR PROCRASTINATION DEMONS ? If this report has inspired you to banish your procrastination demons and find out more about how you can #MakeTodayPay then check out our online hub. Answer our Procrastination Demons Quiz to find out your procrastination type and discover lots of extra information, tips and guides. SHARE YOUR STORY ON TWITTER: GET HELP AND SUPPORT: @MakeTodayPay @RateSetter ABOUT RATESETTER ABOUT NINA GRUNFELD Why? It’s the question that started it all. Self-help guru, Nina Grunfeld, is one of the UK’s most prominent life coaches. Credited with making life coaching accessible to all, Nina founded Life Clubs in 2004, offering locally run courses to help people get more out of life. She is also a published author, renowned for titles including The Big Book of Me, The Life Book and How to Get What You Want. Nina was approached by RateSetter to lend her professional insights to their procrastination research and offer tips to help inform their #MakeTodayPay campaign. She is a seasoned media spokesperson, having appeared on television and radio on numerous occasions. She has also written for many magazines and newspapers, such as the Daily Telegraph, Evening Standard and Grazia. “Why do we continue to accept a financial system that doesn’t work in our best interest? Why do we let banks dictate what we can and can’t have? Why don’t we just cut out the banks and return control to lenders and borrowers?” In their quest to make finance fair, Rhydian Lewis and Peter Behrens found the answer to those questions - RateSetter. Since its launch in 2010, RateSetter has become Europe’s biggest peer-to-peer lending service, lending £293 million in 2014. By moving their money, RateSetter lenders really #MakeTodayPay – earning over £12 million in interest. METHODOLOGY & END NOTES 1 YOUGOV RESEARCH YouGov surveyed 2,021 GB adults (aged 18+) online between 22-25 August 2014. Data were weighted to be demographically representative of all GB adults. YouGov is a member of the British Polling Council and abides by its rules . YouGov research took ‘procrastination’ to mean ‘delaying or putting off a task by doing something else’. It offered respondents the opportunity to attribute a period of time spent procrastinating on the following example behaviours on a daily basis: watching TV; using social media; browsing online; tidying/ cleaning; making/ going for hot drinks; personal grooming; snacking; researching/ planning tasks; other. The average time Britain spends procrastinating was then calculated from the mean of these figures. 2 COST OF PROCRASTINATION TO BRITISH BUSINESS In order to calculate our figure of £76 billion we used data from the ONS along with data from our own survey of the British Public conducted by polling agency YouGov. According to the Annual Survey of Hours and Earnings (ASHE), the average (mean) gross weekly pay in Great Britain is £504.00. The same survey found that average (mean) weekly hours worked is 33.2. Our YouGov survey found that the average worker spends 43 minutes per day procrastinating at work – a total of 3 hours 35 minutes per week. Dividing the average hourly pay of £15.18 by 60 (minutes) and multiplying it by 43 (minutes), the cost of procrastination per day reaches £10.88. Multiplying this by 233 (the number of days worked per annum, excluding weekends and statutory holiday) the time spent wasted gives us a total cost of procrastinated time of £2,535.04 per person per annum. ONS employment figures for Great Britain show that 29,976,000 people were in paid employment August-October 2014. Multiplying the working population by £2,535.04 gives us our figure of £76 billion. 3 4 THE COST OF CYBER CRIME, DETICA AND THE CABINET OFFICE, 2011 5 15 PWC, 2nd JULY 2014 THE SAVINGS TRAP, WHICH?, JULY 2014