Real Life Advice 2026: challenging financial attitudes and beliefs

At a glance

• Many people are making financial decisions based on assumptions that no longer reflect the realities of modern life.
• More than a third of people (36%) spend a year or more considering a financial decision.
• Those receiving ongoing financial advice are more than three times as likely to put a financial plan in place.
  
  

More than four in five adults (82%) do not actively seek out new financial information, while more than a third (36%) have spent at least a year weighing up a financial decision.

These findings, from the first chapter of the Real Life Advice Report 2026, suggest many people could be stuck in a “financial waiting room”.¹ We are putting off important decisions because our assumptions about money haven’t kept pace with the world around us.

Many of our financial beliefs were formed when times were different. Jobs were typically more secure and house prices more affordable. Retirement was shorter, and defined benefit pensions were commonplace. For many this meant financial choices were more straightforward.

Yet, while the world has changed, for many of us our attitudes to money haven’t shifted. This can matter. Waiting too long to make financial decisions could mean missing opportunities to improve our long-term financial wellbeing.

Money misconceptions

The way we see our finances shapes the decisions we make. Those views are often influenced by the people close to us, as well as by our experiences. But how often do we stop to question whether our financial beliefs are still relevant?

These attitudes matter because they influence how much we save, whether we invest, how we plan and what financial success looks like to us.

For many people, long-held assumptions are struggling to keep pace with changing circumstances. For example, while investing is an important tool for achieving long-term financial goals, almost seven in 10 people (69%) believe investing is risky.

Similarly, while the average age of a first-time homebuyer has risen sharply, 58% of people still see home ownership as the best way to achieve long-term financial security.

Some misconceptions about money remain deeply ingrained. Four in 10 people (42%) think they need a lot of money before investing becomes worthwhile.

In reality, it is never too early to start investing and it’s perfectly possible to begin an investment journey using relatively small amounts. In many cases, the barriers aren’t financial, but rather whether investing feels relevant, understandable and achievable.

More than one third of people (38%) say they see little point in making financial plans because they’re sceptical that those plans will hold. However, a separate report from St. James's Place found that households with a financial plan in place have more than twice the average wealth of those without one.2

Investing can play an important role in helping people achieve their long-term financial goals. However, all investments carry risk and their value can fall as well as rise. You may get back less than you invest.

A “financial waiting room”

There can be a fine line between taking the time needed to make an important decision and taking too long to act.

Major life decisions, such as buying a home or planning for retirement, require careful thought. In fact, more than a third of people (36%) spend a year or longer mulling over a financial decision. Among 18 to 34-year-olds, this figure rises to 42%.

For some, this extra time has benefits. Almost a fifth of people (17%) said that taking longer to decide was valuable, while 13% said it helped them identify options that better suited their needs.

However, delaying decisions can also come at a cost. Almost one in five people (17%) said that putting off a decision caused them stress, while 10% missed an opportunity to save or make money.

“The research paints a picture of a financial waiting room,” says Mark FitzPatrick, St. James's Place’s chief executive officer. “People can spend months or even years weighing up important decisions, sometimes without the clarity or confidence to move forward. While for some taking time to decide may be the right approach, for others that delay may cause stress or anxiety. Others miss financial opportunities, while some never take action.”

Conversations can change behaviour

It’s often difficult to challenge deeply held assumptions, particularly when uncertainty is involved.

Having conversations about money can help people gain new perspectives, which is why many report notable improvements in the way they manage their finances when working with a financial adviser.

Among those who say their adviser helped them see their finances differently, 78% gained a broader financial perspective and 71% gained greater clarity and direction.

Advice can also encourage people to act. Almost three-quarters (72%) of those receiving ongoing financial advice took longer-term financial action after reconsidering their finances, compared with 48% of those not receiving advice.

Mark adds: “Having someone by your side can help make sense of the choices ahead, cut through the noise and bring greater clarity and confidence to the decisions that matter. And, as we have seen time and again, the value of that support can extend well beyond financial outcomes.”