Richer people look forward to cutting-edge tech to help save time

Emerging technology such as smart artificial intelligence (AI)-based assistants could save people two hours a day, a OnePoll survey for Lloyds Banking Group has reported.

The survey of 1,000 UK adults in conjunction with Lloyds found that high earners are most interested in tech to help them manage their busy lives and do household chores. The tech respondents are most excited for is AI personal assistants to carry out life admin tasks; autonomous drones for faster deliveries; driverless cars to reclaim commute time; and smart vacuum cleaners.

The majority (86%) of UK adults polled say having more free time is important to them.

Almost one in four (23%) feel that less than 10% of their time outside of work is genuinely free, with the majority (86%) stating that getting more free time is important to them.

The survey results, published in Lloyds’ The future of free time report, reveals that emerging tech could enable people to save 110 minutes of free time per day in the near future.

For those earning over £100,000, the need for more free time drastically increases, with 99% saying it’s important, a third (34%) willing to give up their phone and 29% happy to give up coffee for a full extra hour of free time a day.

In the report, Lloyds Banking Group notes that given the changes in how people are spending and saving free time, there appears to be a shift in how many extra hours they have in the day. “Investing in the right technology could give us an extra 110 minutes every day,” it says.

According to Lloyds, technology to enable people to book health appointments, driverless cars, AI assistants, handy drones and robot cleaners all play a part. “Although some tasks will only save us a few minutes a day, these minutes easily add up to hours,” the bank notes in the report.

While three in five adults are ready to welcome these innovations to reclaim lost hours, an overwhelming majority (97%) of higher earners say they’re likely to adopt new tech if it helps them save time.

The study reported that time-saving opportunities can be unlocked in five key areas. First, up to 37 minutes a day could be claimed back with automation, using smart home tech like AI-powered vacuums to make cleaning quicker and easier. Next-generation AI assistants and tools can handle research and admin tasks, which, according to the report, could save 31 minutes daily.

It also pointed out that autonomous AI applications can be used to streamline online shopping and banking, handing back up to 18 minutes a day. In addition, innovations in drone delivery can speed up parcel deliveries and collections.

With driverless cars, the report suggests that not having to be at the wheel could save up to 21 minutes a day, which can be repurposed for other activities to unlock even more free time.

Looking at health and care appointments, automated, at-home testing and more convenient health appointments could shave off three minutes a day, as well as help with cutting down on unnecessary travel.

“Our research shows people are becoming more comfortable with using technology to handle daily tasks, with 60% of people open to adopting new tools to save time and 53% feeling confident about letting tech take over routine chores,” said Adam Rainey, director of mass affluent at Lloyds.