Decision paralysis: 69% Indians find it hard to plan for future, says study
Source: Business Standard
The overwhelming nature of this uncertainty has led to what is described as ‘decision paralysis’ in the HSBC report. | Photo: Reuters
A recent study conducted by HSBC has found that 69 per cent of Indians are finding it increasingly difficult to plan for the future, with 91 per cent acknowledging that they are living through a period of rapid and unprecedented change.
The overwhelming nature of this uncertainty has led to what is described as ‘decision paralysis’, where one in three respondents feel unable to make decisions, leaving them feeling stuck and overwhelmed.
The study reveals that confidence is a major concern, with 62 per cent of respondents feeling unprepared to make important decisions. Additionally, 57 per cent expressed regret over missed opportunities, highlighting the emotional impact of decision paralysis on individuals.
HSBC study: Key findings
The global survey, which involved 17,555 participants across 12 markets, including India, the UK, the US, and Singapore, reveals a widespread struggle in coping with change and making decisions. In India, 42 per cent of respondents reported postponing decisions due to discomfort with uncertainty, and the same percentage felt that change is something to be managed rather than embraced. An additional 15 per cent said they would prefer to avoid change altogether.
The inability to act on opportunities has left many feeling regretful, with 57 per cent of participants lamenting the chances they let slip by. Moreover, 46 per cent of individuals felt that decisions they made alone were often poor, further compounding feelings of self-doubt.
Sandeep Batra, head of wealth and personal banking at HSBC India, commented on the findings: “Life is rarely straightforward. At HSBC, we believe that wherever life takes you, we can help you navigate it. Our global network enables us to guide people and businesses through the uncertainties of life, ensuring that they can seize the opportunities that come with change.”
‘Decision paralysis’ not limited to India
The study also revealed similar trends in the US, where 47 per cent of Americans feel ill-equipped to make decisions, and 33 per cent regret their past decisions. The report highlighted that 43 per cent of American women feel distanced and detached from others over the past five years, compared to 26 per cent of men. Business leaders in the US also face difficulties, with 51 per cent stating that planning for the future is more challenging than ever, and many fear that this uncertainty will continue to worsen.
HSBC’s findings shed light on the widespread impact of rapid change, and the growing need for individuals and businesses alike to seek guidance in navigating an increasingly uncertain world.
First Published: Sep 20 2024 | 5:23 PM IST
