- 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
Australians overlooking value of mateship in era of uncertainty: HSBC study
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.”
For more details on the study and HSBC’s Decision-making Guide for more confident decision-making please visit: www.HSBC.com/SeizingUncertainty.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world’s largest banking and financial services organisations.
About the study
Quantitative research was conducted by PSB Insights between 5-30 June 2024 in Australia, Mainland China, Hong Kong, India, Indonesia, Kingdom of Saudi Arabia, Malaysia, Mexico, Singapore, United Arab Emirates, United Kingdom and the United States of America.
The survey covered 17,555 online interviews across 12 markets, comprising n=1,000 general population, n=200 affluent individuals (~top 5%) and between 150 and 500 business leaders in each market. Detailed demographic quotas were set to ensure a nationally representative sample within each market.
Additional statistics
Australians say we are living through an era of rapid change
- 80% say they find it hard to imagine what the world will be like in 10 years' time, compared to 74% of the global population.
- 75% say it is harder to plan for the future than it used to be, compared to 68% globally.
- Only 19% view unexpected events or changes as opportunities to be explored or taken advantage of, as opposed to 31% globally.
- 60% say they are focused on living for the day-to-day, rather than long-term goals. Just 47% of the global population agree, indicating they are more likely to forward plan.
Australians make decisions in different ways compared to the rest of the world
- Australians are less likely to consult people who they trust when making decisions, with just 55% indicating they consult their inner circle, compared with 66% globally doing so.
- This is despite 67% saying there is value in consulting friends and family, that in the past support from friends and family were an important enabler in making the of an opportunity.
- 39% often regret the decisions they make, with 29% indicating a decision made solo will usually turn out to be poor.
- 32% don’t follow a step-by-step process when making important decisions, compared to only 20% globally.
- Over half (52%) say they feel ill-equipped to manage the decisions they need to make.
Australians are most concerned about their finances, compared to any other area of life
- Close to half (48%) are feeling uncertain about their finances, compared to 36% globally.
- 68% believe they will experience financial insecurity or concerns about money in the next five years, compared to 62% globally.
Media enquiries:
Jessica Effeney
M: +61 400 998 373
E-mail: jessica.effeney@hsbc.com.au