When people think about why financial plans fail, they often imagine complex maths, volatile stock markets, or a lack of investment options. The truth is far simpler — and far harder to admit.
The biggest threat to your financial future isn’t external. It sits between your ears. Human nature, more than market conditions, derails even the best-laid strategies.
As financial advisers, we can design world-class wealth plans. But the real challenge? Getting people to act on them.
The Lies We Tell Ourselves
Ask anyone why they’re not taking action on their finances and you’ll hear familiar excuses:
- “I’ll sort it out when things calm down.”
- “I’m still researching my options.”
- “It’s not urgent yet — I’ve got time.”
But life rarely calms down. There’s always another project at work, another family commitment, another expense on the horizon. What feels “not urgent” today can become critically urgent overnight.
We’ve seen this play out countless times:
- Someone delays life insurance because they’re healthy and busy — then a sudden illness makes cover impossible to secure at any price.
- A client in their fifties scrambles to build a pension they should have started twenty years earlier.
- A high earner assumes their income alone guarantees financial security, only to see circumstances change overnight, leaving them exposed.
These are not unusual cases — they’re the reality of what procrastination costs.
The Steep Price of Waiting
Financial consequences rarely feel immediate, which is why procrastination can be damaging. The cost of waiting may not be immediately visible, but over time, it can significantly impact your financial wellbeing.
Take retirement savings:
- Someone investing £500 per month from age 30 could retire with almost double the wealth of someone who waits until 40, even if the second person saves more aggressively later on.
- That 10-year head start isn’t just numbers on a page. It can mean the difference between financial freedom and financial stress in retirement.
Or look at investing:
- A £100,000 portfolio growing at 6% annually becomes around £320,000 over 20 years.
- Wait just five years to start, and you end up with £237,000 instead. That’s £83,000 lost — not because you chose the wrong fund, but because you hesitated.
The regret we hear most often is the same: “I wish I’d started earlier.”
The examples are provided for illustrative purposes only.
Why Smart People Still Don’t Act
Interestingly, some of the smartest, highest-earning clients are the worst offenders when it comes to procrastination. Why? Because intelligence often fuels perfectionism.
High achievers want the perfect plan, the perfect timing, the perfect conditions. But perfection doesn’t exist.
- Markets shift.
- Tax rules change.
- Life throws curveballs.
The cost of standing still is almost always higher than the cost of taking imperfect action.
We’ve seen clients transform their financial trajectory by doing something as simple as automating £100 a month into an investment account. Was it the perfect portfolio? No. But it broke the inertia. And inertia is the real enemy.
Inaction Isn’t Neutral — It’s a Choice
One of the most dangerous myths in financial planning is that waiting is harmless. People assume procrastination is neutral. It isn’t.
Every day you delay is:
- A day your money could have been compounding.
- A day inflation erodes your purchasing power.
- A day your family remains unprotected.
A client once insisted on “waiting until markets felt safer” before investing a lump sum. Over two years, his money sat in a current account earning next to nothing while inflation quietly reduced its value. Meanwhile, the markets rose more than 15%.
By standing still, he lost tens of thousands in potential gains — not because he made the wrong choice, but because he made no choice at all.
How Expats Face Extra Risks
For expatriates, procrastination can be even more damaging. International moves create extra layers of complexity:
- UK pensions left behind and unreviewed can erode value through poor performance, high fees, or unfavourable currency exposure.
- Cross-border taxation rules may trigger double taxation if action isn’t taken to align income with local laws.
- The 2027 UK inheritance tax changes mean pensions will form part of estates for IHT purposes — yet many expats have not updated their estate plans accordingly.
- Currency risk can cut into retirement spending if sterling pensions aren’t aligned with euro, dollar, or dirham living costs.
Ignoring these issues doesn’t make them go away — it simply makes them harder, and often more expensive, to fix later.
Breaking the Cycle of Procrastination
So how can you escape the quicksand of financial delay? Here are five practical steps:
- Start Small, But Start
Don’t wait until you can invest £1,000 a month. Begin with £50 or £100. Small habits snowball over time. - Automate Your Finances
Standing orders into savings, pensions, or investments ensure action happens without relying on motivation or memory. - Prioritise Protection
Before chasing investment returns, secure life cover and income protection. The best wealth plan means little if your family is left vulnerable. - Review Regularly
Life changes — so should your finances. An annual review keeps your plan aligned with your goals, tax rules, and residency status. - Accept Imperfection
You will never have 100% certainty. Progress beats perfection every time.
Turning Plans Into Action
Financial security isn’t built on good intentions. It’s built on action — even if that action feels imperfect at first.
Ask yourself:
- Could you set up a direct debit into your pension today?
- Could you schedule a review of your old pensions this month?
- Could you finally draft or update your will this year?
The specific step matters less than the fact that you are moving forward.
Because the hardest part of financial planning isn’t knowing what to do. It’s deciding to do it — today, not someday.
And the sooner you start, the more choices, freedom, and security you’ll create for yourself and your family.
Final Thoughts
Financial procrastination is silent but costly. It erodes your options, reduces your wealth, and magnifies risks the longer you wait.
The good news? Breaking the cycle doesn’t require perfect timing or perfect planning. It requires action. Start small, automate what you can, review regularly, and seek professional guidance to keep you accountable.
At Blacktower, we specialise in helping expats across Europe, the Middle East, and the US take control of their finances — turning “someday” into today and building wealth that lasts.
📞 Contact Blacktower today for a no-obligation consultation and take your first step toward a retirement plan that works for your life abroad.
Disclaimer
This article is for informational purposes only and does not constitute investment, tax, or legal advice. The value of investments can go down as well as up, and you may not get back the amount originally invested. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may be subject to change. Always seek regulated financial advice before making any financial planning or investment decisions.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Many ex-pats are still suffering from the cuts in income that have taken place due to the very low interest rates they continue to endure on their savings.