Brits Would Rather Abandon Long Term Financial Security Than Sacrifice A Holiday

UK FAMILIES would worsen their financial health rather than forgo the traditional holiday even if it meant drawing on savings, cashing in investments or incurring penalty charges from long-term saving product agreements.

As part of the Money Never Sleeps report, Apples for Oranges surveyed UK adults aged 25-54 who work full-time and found as a nation, Britain is led by the heart and not the brain when making financial decisions.

When asked to imagine a situation where a change in financial circumstances meant they could no longer afford their planned holiday, over half (55%) of Brits said that they would still go on the holiday.

In fact, 34% would draw down on savings they had worked hard to accrue and more than 1 in 5 (21%) would worsen their financial health by cashing in investments and therefore incurring a penalty for doing so.

14% of Brits would even increase their borrowing and in effect increase the overall cost of their holiday.

Worryingly, the research also revealed that 44% of UK workers get no expert advice at all on investments, and a third (33%) get no professional help in planning their life’s finances.

Nearly a quarter (23%) of those surveyed say they seek financial guidance from family members.