6 June 2011

UK Adults Miss Out on Better Deals by Not Switching Providers

New research has found that Brits have never switched car insurance providers, energy suppliers, bank accounts or mortgage and credit card providers.

** New research has revealed that 23 per cent of people have never changed any of their financial products in order to get a better deal. **

The research by a price comparison website found that Brits have never switched car insurance providers,energy suppliers, bank accounts or mortgage and credit card providers.

Despite this, 53 per cent of people do not feel that they are being valued for their customer loyalty. The research found that shockingly 31 per cent of people have never changed their bank accounts. 18 per cent of people have never changed their mobile phone provider and 14 per cent of people have never changed their mortgage lender.

Consumers are potentially missing out on getting a better deal and more for their money. At a time of financial hardship it is important to research what is out there and how much money could be saved by switching providers.

"Many people find financial products daunting, and perhaps do not have the confidence to shop around for a better deal. However, with the development of comparison sites, it has never been quicker or easier to compare hundreds of products from different providers.

And, there are some considerable savings to be had- if you look at car and home insurance, the average savings on these are £320 and £232 respectively, and with a potential saving of £442 on gas and electricity,these are not savings to be sniffed at!” said John Miles, business development director at Gocompare.

Only 36 per cent of consumers have changed their car insurance provider in the last 12 months.

"Car insurance in particular is an area where significant savings can be made.The average premium has risen by a staggering 94 per cent in the last three years, so if you haven't switched providers you could be paying well over the odds for your insurance.”

Last year research by The Co-operative Bank found that people are more likely to switch their football team than their bank account. One in three are prepared to change their tactics when it comes to supporting a football team, however only 29 per cent of people would change their bank account.