Leaving decisions until last minute ‘costs nearly £450 per year’

People estimate they waste nearly £450 a year on average by leaving decisions until the last minute, a survey has found.

Nearly two-thirds (63%) of those questioned identify themselves as procrastinators, costing them £449 each per year typically, Nationwide Building Society said.

Leaving it until late to find gifts, not getting around to putting money into a savings account, and planning holidays at the last minute were common reasons for people wasting cash.

Men estimate they waste more money than women by delaying decisions, at £571 per year on average versus £325 for women, the poll found.

Technology has a significant part to play in people putting actions off, the survey of 2,000 people suggests.

Checking phones, watching television and browsing social media were the top reasons why people said they procrastinate.

Looming deadlines and encouragement from others were common reasons why people leapt into action.

Nationwide has launched a campaign called Payday Saveday to encourage people to consider saving every month.

It found that saving money and eating healthily came joint second as the actions people felt most guilty about delaying, with putting off exercising in first place.