More planning for holidays than mortgages

Brits are happy to spend more time poring over holiday brochures and hotel upgrades than they are to devote to researching the best mortgage option for them.

A quarter of people told a survey conducted by Motley Fool, an independent financial advice website, that they were bored and confused by financial choices.

One fifth of respondents said that buying a financial product does not produce the usual 'retail therapy' satisfaction of buying a bargain.

Two out of every five people said that they don't have time to research, another two out of five people said that they just stayed loyal to their existing bank or lender, and three out of five over-55s said that the amount of choice was overwhelming.

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."

Hard-pressed homeowners might find that the saving of £3,000 would be better spent on home insurance policies, and DIY protection against water damage, in the light of the recent rainfall and flood warnings.

17/01/2008 19:43:34