Nearly a quarter of Brits have never switched any of the 20 most common financial products including their car and home insurance, energy provider, bank account, mortgage or credit card provider. But, the new research from Gocompare.com also revealed that most consumers (53 per cent) don’t think that they are being rewarded for their loyalty.
The survey found that 23 per cent of consumers have never switched any of the 20 most common financial products:
– 31 per cent have never switched bank accounts
– 18 per cent have never switched mobile phone provider
– 15 per cent have never switched mortgage lender
– 14 per cent have never switched their home insurer
– 14 per cent have never switched savings accounts
– 12 per cent have never switched their car insurer
– Eight per cent have never switched energy provider
John Miles, Gocompare.com’s business development director commented, “Against a backdrop of rising prices for fuel and groceries, car insurance premiums at record highs and low interest rates on savings – consumers could make much needed savings by reviewing their financial products and switching to a better deal. But, as our survey reveals, nearly a quarter of consumers haven’t switched on to the benefits of switching.
“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!”
Gocompare’s switching survey also looked at the number of consumers who had switched financial products in the last year. The survey revealed that only 36 per cent of consumers have switched their car insurance in the last 12 months, only 22 per cent switched their home insurance, and the figures were even lower for other financial products: nine per cent switched energy supplier, eight per cent for credit cards, five per cent for savings accounts and three per cent for bank current accounts.
John Miles continued, “Usually financial services providers offer the best deals to attract new customers – not to reward loyal customers. While over half of the people questioned in our survey recognised this, many are still not shopping around for best deals.
“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.”
Source : Gocompare.com
