The way Aussies make decisions has changed forever

TOPICS:
The way Aussies make decisions has changed forever

Life constantly seems to get faster and more complicated, and that’s having a big impact on how Australians make decisions. In fact, according to the Choosi Decision Making Data Report, nearly three-quarters (70.5%) of us feel like we have to make more decisions now because society has changed.

Here, we explore how decision-making has evolved for Aussies and find out whether more information is actually a good thing.

The factors that influence how we make decisions

You know that feeling when you’re scrolling through Netflix and you simply can’t decide on what to watch? That’s because you’re overloaded with choices, and it’s a real-life problem that most of us experience.

What you might not realise is that this problem is happening on a much broader scale. The Choosi report found that this “paradox of choice” (having way more choices than you know what to do with) has made it much harder to make decisions for 76.4% of Aussies.

But this hasn’t always been the case, and the biggest factor comes down to having an ever-increasing availability of information, not all of which is reliable.

How Aussies’ decision-making skills have changed over time

Because there’s so much more information available to us today than in previous decades, especially thanks to the internet, most Aussies (65%) are doing more research before making a decision compared to five years ago.

In terms of what we buy, this has made us much less loyal to brands, simply because there’s more availability of information and a greater variety of choice. For life in general, only 13.4% of us would strongly agree that having more choice has made our lives better.

Crises like COVID-19 can influence how we make decisions

Stress can have a huge impact on how we make decisions, especially when we’re dealing with something that’s out of our control like the COVID-19 pandemic. In fact, Aussies tend to become much more ‘lazy’ in their decision-making when we have other things on our minds (14.8%) or are feeling tired or upset (16.8%).

Stress also affects decision-making differently depending on your generation, according to the Choosi report. For example, while Gen Z is super-stressed about career decisions (50.7%), it’s barely a blip on the radar for Baby Boomers (9.1%).

Is more information a good thing?

In the new age of ‘fake news’, more information doesn’t necessarily equal more genuine information. When we’re showered with so much data and so many more choices than we can handle, it actually has a negative effect on our lives.

According to the Choosi data, this paradox of choice is making Aussies’ lives more difficult (41.4%), more stressful (50.6%) and less happy (27.7%).

How men and women make decisions differently

But what about choices between men and women? Well, while it’s true that both men and women face similar decision-making struggles in their day-to-day lives, the hardest decisions they’ll ever have to make are drastically different.

Walking away from a toxic person/relationship was the hardest decision for more than a quarter of women (26.9%), compared to just 15.4% of men. Whereas 14.4% of men said they struggle with making career decisions, compared to only 9.3% of women.

The good news is that when it comes to making important decisions, such as finding the right insurance policy, Choosi can help make your choices easier. We compare a a variety of insurance products across a range of popular brands so you can select the best deal for you. Head to the Choosi homepage, enter in the type of insurance you’re considering and hit the “compare now” button. It’s that simple to get started!

Posted: 19 Aug 2020

This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.

TOPICS:

Search blog

Topics

Signup to our newsletter

GET MORE ARTICLES

Receive articles, news & tips as soon as they are published. We'll send occasional updates on the latest product offers, competitions and more!
By subscribing you consent to us contacting you and agree to our Privacy Policy



Related articles

How the insurance claims process works
09 Apr 2014

How the insurance claims process works

When it comes to insurance, it pays to know how a claim is processed but here are some steps you can take to ensure a smooth claim process

Read More
TOPICS:
Online shopping: PayPal or credit card?
03 Apr 2014

Online shopping: PayPal or credit card?

Evaluate the two most popular online payment methods and find out how you can pay safely online so you don't fall victim to fraud.

Read More
TOPICS:
6 quick facts about the race that stops the nation
27 Oct 2015

6 quick facts about the race that stops the nation

The Melbourne Cup is coming up for 2015, and while betting on the horses can be exciting you don't want to do the same with your finances.

Read More
TOPICS:

Ready to compare?