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A new survey has revealed that most Aussies are finding it increasingly difficult to make financial decisions due to increased choice and time constraints, often resulting in ‘buyer’s remorse’.
The Decision Drivers Report by Choosi found that the amount of choice Australians have access to could be making it harder for them to make decisions when it comes to purchasing in particular.
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According to the report, less than one in 10 Australians feel ‘out of control’ with regards to their finances with more than half (51.5 per cent) putting a budget in place to purchase large-ticket items.
However, the data showed that 50 per cent of Australians are less rational and more frivolous with their spending when they are on holiday, while almost a third (32 per cent) make more impulsive purchasing decisions while food shopping when hungry.
Further, the report found that nearly one in three Australians (29 per cent) have made a large purchasing decision that they have come to regret, and 70 per cent have bought things they’ve never used.
Michael Volkov, consumer behaviour researcher from Deakin University, said family members used to be the biggest influencers and sources of advice around financial decision making, however “as we’re spending less time at the dinner table and more time on our devices, we are increasingly placing our trust outside the family home”.
“With access to so many websites, blogs, forums and social groups we are often faced with conflicting or too much information, which in turn causes analysis paralysis or worse, buyer’s remorse,” Mr Volkov explained.
Senior sales manager and Choosi spokesperson Katrina Foster added: “Online advice is so accessible and connects us to endless amounts of information in an instant, but it’s clear we risk making the wrong choice without help from a source that we really trust.”
[Related: CBA launches customer advocate function]
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