The research sends out a 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 that over a third of Brits spend at least 10 hours selecting their ideal holiday but only a fifth would put the same time into choosing a mortgage. Just one in 10 would show the same level of commitment when selecting a bank loan.
The survey highlighted that one fifth 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 while 38% admit to always choose the easy option.
People over the age of 55 are most bamboozled by financial options with 59% claiming confusion prevents them from conducting thorough research and women are the most likely to not shop around because they find the choice overwhelming compared to just 35% of men.
David Kuo, head of personal finance at Fool.co.uk, said: 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 GBP3,000 in one year to pay for the dream vacation you’ve yearned for but never quite been able to afford.
