Jollies researched more than loans
UK consumers are devoting more research time towards best buys for flights, package holidays and electrical goods, than they are towards sourcing a competitive loan deal.
According to recent data, the average British consumer is prepared to research electrical goods and package holidays for around 10 solid hours each year, compared to a lowly 2 and half hours spent searching for the best loan, mortgage and insurance deals.
Of the demographic, approximately 25% of people will actually spend longer than 10 hours searching for consumer goods (in excess of 13 hours), with only 11% of people prepared to allocate a similar amount of time towards their finances.
Commenting on the findings, one expert suggested that it was only natural for people to put a substantial amount of time into finding the perfect holiday, or even the best TV. However, it is not wise for credit shoppers to accept the first or even second deal that they stumble upon, as they are likely to be paying more than if they were to shop around.
As a collective, some 28% of home loan borrowers are paying above the odds for their plan, with an additional 35% of credit card borrowers identified as not making the most of the deals on offer.
