122/0312 August 2003

UK HIGH EARNERS TURN THEIR BACK ON TRADITIONAL HOLIDAYS

The British tradition of the annual two week trip abroad is in danger of being consigned to holiday history by the UK’s high earners, according to Premier People, a new report from Lloyds TSB Premier Banking Service.

The report, which profiles the lifestyles, concerns and priorities of the UK’s mass affluent1, shows that a ‘time famine’ is forcing the UK’s high earners to forgo the traditional two-week break in favour of ‘express’ holidays. Over 60 per cent of the UK’s affluent now tend to take weekend breaks and over 40 per cent of these do so because they believe there are “so many places to visit and too little time in which to do it.”

Work is also a key driver of short, sharp breaks in the UK or in Europe. Fourteen per cent of Premier People surveyed said they couldn’t be away from their desk for too long and a further one in ten said they didn’t want to be away from work.

The new monthly report also suggests that, even when they do get away, many find it hard to switch off. Over half said that they pack their mobile in their suitcase and, even more surprisingly, one in ten pack their laptops.

In contrast, however, an adult gap year is becoming part of the lifeplan for Premier People with over a third of the UK’s affluent either having taken or considered taking a year out. There is a clear sea-change in attitudes between the generations, with 60 per cent of those under 34s having taken or considering taking a sabbatical, compared to only just over a third of those aged between 35 and 54.

……/more

UK HIGH EARNERS TURN THEIR BACK ON TRADITIONAL HOLIDAYS.../2

Alan Pateman-Jones, managing director, Lloyds TSB Premier Banking, says: “Premier people are living their lives at such high speed that we’re seeing a creeping trend of express, rather than traditional, holidays. It’s alarming to think that even when they are away, these high earners can’t switch off from work and are taking their laptops and mobiles. But with gap years becoming more popular, maybe Britain’s time starved affluent won’t always be chained to their desks.”

Amongst a range of other benefits, Lloyds TSB Premier Banking Service offers products and services designed to help save these busy and affluent customers time and money when planning their holiday. The Premier Travel Service offers free annual worldwide travel insurance for Premier customers and their family including winter sports as well as valuable discounts on package holidays and commission-free travellers cheques and currency.

The Premier Banking Service even helps time management by giving customers access to a dedicated relationship manager who has an in-depth knowledge of each customer’s individual circumstances. Premier Banking customers can also get help with their finances seven days a week via a dedicated 24 hour telephone service.

For more information about the Premier Banking Service, please contact your local Lloyds TSB branch or log on to

-ends-

For more information:

Catherine Battershill/Rowena Denham

Lloyds TSB press office

Tel: 020 7356 2495/2491

Notes to editors:

1Premier People profiles the results of an online survey of 1,000 individuals, classified as having a personal gross income of at least £50k per annum, owning a property worth at least £250k, or holding liquid assets of at least £35k. The sample was taken from the UK population and the survey took place between 2 and 15 July 2003.

…../more

UK AFFLUENT TURN THEIR BACK ON TRADITIONAL HOLIDAYS…/3

In detail, the main features of Lloyds TSB Premier Banking are:

  • Premier share and fund dealing online, for a flat fee trade price of £12.50,in association with comdirect ltd. It provides a share dealing service that is suitable for both serious investors and enthusiasts and allows customers to deal via the telephone or internet in addition to the facility to track share performance free of charge.
  • Premier Will Writing Service provides customers with access to specialist help through the solicitors Irwin Mitchell for £69 (inc VAT) for a single will and £99 (inc VAT) for a mirror will.
  • Premier Tax Service through KPMG for a flat fee of £195 (exc VAT) offers facilities to complete customers’ tax returns and to claim all appropriate entitlements and exemptions and liaise with the Inland Revenue.
  • Premier Banking also offers AA Breakdown Cover providing breakdown assistance 24 hours a day, every day of the year. The cover also includes 72 hour European assistance, Relay Plus and Home Start.
  • Premier customers also get 180 day purchase protection on purchases made with both the Premier debit and credit cards.
  • Premier Home Insurance buildings and contents insurance, tailored to suit individual needs for larger and more unusual properties, can be purchased.
  • Investment Planning Service provides access to a dedicated Lloyds TSB Financial Planning Manager as well as a range of Scottish Widows products and services. Further referral to an IFA can be made if required.
  • Premier customers can take advantage of an exclusive range of specially priced Premier Banking products such as personal loans and savings accounts.
  • Customers can also apply for the Lloyds TSB Premier Mastercard, a bespoke black credit card which, amongst other benefits, offers members access to 400 VIP airport lounges worldwide as well as the Premier Personal Assistant, a ‘concierge’ service designed to help you manage every day tasks.
  • Customers also receive valuable discounts from the Premier Banking Home Shopping service and reduced prices on new cars from CarSelect.