Brits spend up to 26 times longer shopping for Christmas gifts than they do looking for the best deal on their retirement income, according to latest research from
Aviva.
On average, UK adults spend three days, six hours and 35 minutes per year shopping around for Christmas presents for their loved ones, pets and even their bin collectors. This amounts to six months over a lifetime.
In comparison, research showed proved that Brits spend just seven days in total shopping for the right annuity or pension product.
Women in particular spend longer shopping for Christmas presents for their nearest and dearest. A third (36 per cent) would spend more than one week each year, equivalent to more than one year and three months over a lifetime, compared to 55 per cent who spend just one week or more choosing a lifetime financial product.
The annual holiday is one of the most important purchases with more than half of adults (55 per cent) saying they would spend over a week researching, in the process consulting at least four or five sources of information before booking.
Over a lifetime, the average time taken by UK adults to make important purchases is:
* Annual holiday - 311 days
* Insurance e.g. car or home - 282 days
* Service from a utility provider - 246 days
* Christmas presents - 190 days
* Pension or annuity - 7 days
Research shows that UK adults are aware of the need to shop around when it comes to buying financial products. Despite pensions and annuities receiving the least amount of time to purchase, almost half (43 per cent) would consult over 11 sources of information before buying. A third (31 per cent) of adults would refer to five sources of information when purchasing car or home insurance.
"It's worrying that we might spend more time choosing Christmas presents for our dog than we would finding the best product to see us through the whole of our retirement," said Darren Dicks, head of annuities for Aviva
"It's important that customers get the best advice and find the right solutions to help them increase their income in retirement. By shopping around for an annuity, people can increase their retirement income by 10 per cent or more.
“If people invest time in planning for retirement sooner than later, as well as getting sound financial advice, they can prepare for the retirement they deserve."
