Consumers ‘not giving time to finances’

Britons are spending more time researching holidays than they are investigating the best personal finance solutions, according to the latest research.

Fool.co.uk, a personal finance website, has found that Brits spend an average of nine hours 14 minutes researching a holiday, but just three hours 21 minutes looking for a credit card and three hours and eight minutes looking for a personal loan, something that could result in them needing debt advice.

Furthermore, some 36 per cent were found to spend in excess of ten hours looking for a holiday, compared with 11 per cent of people who did the same for credit cards and for loans.

“Who can blame people for wanting to spend more time planning their holiday than poring 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,” said David Kuo, head of personal finance at Fool.co.uk.

Last year, Axa devised My Budget Day as a way to combat the problem of people not dedicating enough time to their personal finances, whether that be saving or becoming debt free.

Axa called on companies to let workers have one hour of their work time to dedicate to sorting their finances.