Thursday, April 27, 2006
Category:
Secured Loans
Britons have been urged to dedicate more time to their financial affairs, following the release of new research.
According to the Preparation Nation study conducted by Scottish Widows, 56 per cent of Britons spend 60 minutes a week or less reviewing their finances.
The average time spent considering financial options is just one hour 19 minutes each week, which is the lowest amount of time in Europe.
It was found that borrowers spend only two hours 11 minutes deciding what personal secured loan to choose, which may result in many opting for a product which is less suited to their needs compared to alternatives.
"This research shows that as a nation we find sorting our personal finances a difficult and daunting task," commented George Andrews, head of market relations at Scottish Widows.
When choosing a financial product such as a personal secured loan, Britons are urged to seek specialist advice and consider all the options available to them.
