Consumers wasting millions by not switching

New research from Gocompare.com has found that nearly half of UK consumers didn’t switch any of the 10 most popular financial products in 2014, including car insurance, home insurance, energy provider, bank account and broadband.

Astonishingly it found that 1 in 5 admitted to NEVER having switched their mortgage lender, bank, car insurer, home insurer, broadband provider, mobile phone or landline providers, energy provider, savings account or credit card .

59% of the 2011 UK adults who took part in the research felt that the worst effects of the Government’s ‘austerity’ measures were still to come and 55% were expecting 2015 to be a tough year financially. However, Gocompare.com found that millions of consumers could be saving £4.7 billion between them on just three common household expenses.

The most switched financial product is car insurance with 35% of drivers changing their insurer in the last 12 months. However, 34% have not switched in the last three years and half of those (17%) have never switched.

Home insurance is another product which is easy to switch and 29% of consumers did just that in 2014.  32% of householders have not switched their home insurer in the last 3 years including 21% who have never switched. Those customers could be missing out on a collective saving of £611 million.

Lee Griffin, Gocompare.com’s insurance spokesman, said: “Loyal customers are throwing away billions of pounds of savings by sticking with the same financial services and household utility providers year after year. Consumers who don’t regularly ditch and switch uncompetitive products and services such as their car and home insurance, energy tariff, mobile phone and broadband deals are paying out hundreds of pounds a year more than they need to in household bills.

“There are considerable savings to be made, but the only way to be sure of getting the very best deal is to check it for yourself by comparing what’s on offer from the competition. If your insurer, bank or energy provider thinks you’ll be happy to stay and keep paying over the odds, they’ll be equally happy to let you.

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