Brits Spend Six Months Christmas Shopping During Lifetime
On average, Brits spend three days, six hours and 35 minutes per year shopping around for Christmas presents for their nearest and dearest - equivalent to six months over a lifetime.
Unsurprisingly, women take longer to shop for a Christmas present for their nearest and dearest than men, with more than a third (36%) saying they would spend more than one week shopping around.
Over a lifetime, this is equivalent to a staggering one year and three months. Thirty per cent of men would also spend a week doing the same, unlike 6% who spend less than 15 minutes.
A quarter (23%) of adults admit they spend at least two hours shopping for a Christmas present for their work colleague, the same amount of time they would devote to buying a Christmas present for their pet. Amazingly, 10% of animal loving individuals spend more than one week shopping for a Christmas present for their pet.
And despite the credit crunch, Brits remain generous with nearly half (46%) of all adults saying they would buy a Christmas present for their postie, bin man or hairdresser.
Research found that sun-starved Brits rank their annual holiday the most important purchase they make all year. More than half of adults (55%) say they would spend over a week to research it and then consult at least four or five sources of information before booking the holiday.
In contrast to annual buying decisions, individuals give far less time to shopping for ‘lifetime’ financial products, such as retirement products or insurance. Over the course of a lifetime, one half (55%) of individuals spend more than one week shopping around for the right annuity or pension scheme, with two in five saying they would consult over 11 sources to find the right one for them.
A third (36%) of adults would spend more than one week shopping around for a home or car insurance product, up to five years and two months5 over the course of a lifetime, but only consult two to three sources of information for each purchase.
Darren Dicks, head of annuities for Aviva, said: "It’s great to see that people are becoming more savvy as consumers and shop around to get the best deal. However, 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!
"We want to encourage people to spend time when thinking about their future, as this can make a dramatic difference to their retirement income.
"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% 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."
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