We're still most likely to do what's financially convenient rather than what's in our best interests:
Bottom Line: Financial laziness is awfully expensive. The irony is that financial laziness will result in significantly more actual work having to be performed. Imagine, for example, that you'd have to work for several additional years simply to account for financial laziness? But that's the case for about half of Americans based on the latest info from Lendup.
According to the Federal Reserve about 38% don't have savings for negative financial adversity. So what do people do when they're faced with it? 90% of Americans that are faced with a shortfall for an unexpected expenses will do what's most convenient! That means credit card debt if that's an option, family members if it's not and often leads to payday loans, etc. But financial laziness is still far more pervasive.
Bain Capital found that we still have nearly 6 out of 10 adults doing what's most convenient when seeking any type of financial product. That most commonly means just using whatever their bank is offering without even consideration the rates, terms, outcomes, etc. It's remarkable to see how the average person would rather do what's easiest when the impact of doing so could cost them years of future work vs a little extra due diligence today.