The overwhelming nature of this uncertainty has led to what the HSBC report describes as a “decision paralysis.” | Photo: Reuters
A recent study by HSBC found that 69 per cent of Indians are finding it increasingly difficult to plan for the future and 91 per cent acknowledge that they are living in 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 percent of respondents feeling ill-prepared to make important decisions. Additionally, 57 percent expressed regret over missed opportunities, highlighting the emotional impact of decision paralysis on people.
HSBC Study: Key Findings
The global survey, which included 17,555 respondents across 12 markets including India, the UK, the US and Singapore, reveals a widespread struggle to cope with change and make decisions. In India, 42% of respondents said they postpone decisions due to the discomfort of uncertainty, and the same percentage felt change was something to be managed rather than accepted. A further 15% said they would rather avoid change altogether.
The failure to take advantage of opportunities has left many with regrets: 57% of participants regretted opportunities they passed up. Additionally, 46% of people felt that decisions they made alone were often poor, further exacerbating feelings of insecurity.
Commenting on the results, Sandeep Batra, Head of Personal and Wealth Banking, HSBC India, said: “Life is rarely simple. 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 life’s uncertainties, ensuring they can seize the opportunities that come with change.”
‘Decision paralysis’ is not limited to India
The study also revealed similar trends in the United States, where 47 percent of Americans feel ill-equipped to make decisions and 33 percent regret their past decisions. The report highlighted that 43 percent of American women feel distanced and separated from others in the past five years, compared to 26 percent of men. Business leaders in the United States are also facing difficulties: 51 percent say planning for the future is harder than ever, and many fear this uncertainty will continue to worsen.
HSBC’s findings shed light on the widespread impact of rapid change and the growing need for both individuals and businesses to seek guidance to navigate an increasingly uncertain world.
First published: September 20, 2024 | 17:23 IS
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