Data revealed by Aviva has shown that the British public spend 26 times longer Christmas shopping than shopping for an annuity. We spend on average of three days, six hours and 35 minutes Christmas shopping, equating to six months over a life time. In comparison we only spend seven days looking for a pension annuity. Although alarming, it is hardly surprising given the lack of understanding surrounding pension annuities. Overall, the annual holiday is one of the most important purchases, with more than half of adults saying they would spend more than a week researching their holiday before booking, amounting to 311 days in a lifetime.
Nevertheless, almost half of people questioned said that they would consult more than 11 sources of information before buying, compared to a third of adults who said they would refer to five sources when shopping for car and home insurance. Mr Dicks adds: “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.”
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