Brits 'should increase focus on personal finance'

Consumers should spend more time working towards understanding finance and making finance comparisons to get the most out of their money, it has been suggested.

Research by personal finance site Fool.co.uk discovered that British consumers put twice as much effort into planning their yearly holiday than to compare mortgages.

Of those quizzed, more than a third said they would spend more than ten hours on making holiday-related decisions, while only a fifth would spend the same amount of time on picking a mortgage.

David Kuo, head of personal finance at the site, suggested it is understandable that more effort goes into the task of planning a vacation than selecting financial products.

However, he added that while a holiday could boost energy levels for a short while, "healthy finances can boost your bank balance for a lifetime".

Mr Kuo said that taking more time to pick the best mortgage deal could save as much as £3,000, which could pay for a dream holiday.

An initiative launched by Axa last year aims to increasing the time UK employees spend on sorting out their personal finance situation.

It urged employers to help kickstart the programme on November 21st by offering workers the first hour during working hours.