More time spent researching holidays than mortgages

Thousands dream of escaping the cold weather at this time of year, but research released today shows that Britons spend almost twice as long planning their annual holiday than they do considering a mortgage.

Leading independent personal finance website Fool.co.uk which commissioned the research sends out a stark warning to Brits; with up to 1.4 million borrowers’ mortgages up for renewal in the next 12 months, their dedication to securing a holiday high over a low-rate loan could be costing them thousands of pounds a year.

The research, which quizzed over 2,000 UK adults, discovered over a third (36%) of Brits spend at least ten hours selecting their ideal holiday but only a fifth (21%) would put the same time into choosing a mortgage. Just one in 10 (11%) would show the same level of commitment when selecting a bank loan.

‘Retail Rush Brits’ fail to navigate the money maze

A worrying quarter (23%) admit to not spending enough time exploring their financial options, citing boredom and confusion as the top reasons why. In fact, almost half (45%) of people admit to being overwhelmed by the choices available to them and find it almost impossible to navigate their way around an increasingly complex money maze.

Retail Rush: One fifth (19%) of Brits say they do not spend long shopping for financial products because they do not get that ‘buzz’ they associate with buying other items such as holiday, shoes and gadgets

Easy Peasy: 38% admit to always choose the easy option (i.e. choose their existing bank or lender)

Time Poor: 41% don’t have the time to seek out the best financial deal; Londoners are the most pressed for time with over half (51%) citing this as their primary reason

Older but not Wiser: People over the age of 55 are most bamboozled by financial options with 59% claiming confusion prevents them from conducting thorough research

Gender Divide: Women are the most likely to not shop around because they find the choice overwhelming (55%) compared to just 35% of men

David Kuo, Head of Personal Finance at Fool.co.uk, says: “Who can blame people for wanting to spend more time planning their holiday than pouring over financial products? But while a good holiday will recharge your energy levels for a few weeks, healthy finances can boost your bank balance for a lifetime.”

“By taking a bit more time considering such things as your mortgage, you could save up to £3,000 in one year to pay for the dream vacation you’ve yearned for but never quite been able to afford.”