Key Points
- 90% of Australians say we are living through an era of rapid change; over a third of Australians (34%) say uncertainty keeps them from living a full life and 25% indicate they struggle with decision block
- Almost a third of Australians say a decision made solo will usually turn out to be poor, despite the majority (73%) caring about how their family and friends view their decisions
- Australians feel more confident navigating unexpected events in their health (63%), work (63%) and personal relationships (67%) over their finances (54%)
- HSBC developed decision-making model, The Decision-Making Guide, with Professor David Tuckett
Around the world, people are united in their struggle with decision block and often regret making decisions on their own according to HSBC’s global study, Seizing Uncertainty. Australians are feeling the impacts of uncertainty with three-quarters finding it harder to plan for the future than it used to be.
The global study of 17,555 individuals across 12 markets, including 1,200 people in Australia, has uncovered that people are struggling to navigate change and make decisions in their lives.
Commenting on the research, Jessica Power, Head of Wealth and Personal Banking, HSBC Australia said: “Our research found that compared to the rest of the world, Australians are less likely to consult our inner circles on important decisions, and are more likely to regret the decisions we make on our own.
“Against a backdrop of uncertainty, Australians are overlooking the value of mateship, a fundamental part of our society. This is despite Australians saying the support from family and friends in the past have helped make the most of opportunities.
“Drawing on the people around you for valuable, different perspectives, together with doing your research, being willing to fail and listening to your instincts helps to build more confidence in decision-making and feel better prepared for the future.”
To help more people navigate uncertainty and seize more of life’s opportunities, HSBC and Academic Advisor to Seizing Uncertainty, Professor David Tuckett, Director of the Centre for the Study of Decision-Making Uncertainty at UCL, have identified the anatomy of a ‘good’ decision and translated this into a practical Decision-making Guide.
Professor David Tuckett said: “Across the world change and uncertainty are the norm, not the exception. In this context of radical uncertainty, individuals are facing heightened complexity and constant disruption.
“Addressing this gap and empowering more people to be confident when making decisions will be a key factor in creating opportunities.”
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