Smack my switch up - why loyalty is seldom rewarded

Covered mag, presented by
  • | by Kristian Dando

British consumers are seldom rewarded for loyalty when it comes to financial services and utilities.

But despite this, a quarter of British adults have never changed items like credit cards, energy suppliers or insurer, even though it’s one of the easiest and quickest ways of saving money, according to research commissioned by

Perceived difficulties caused by switching are the usual cause of opting to stick around with a current provider.

"Many people find financial products daunting, and perhaps do not have the confidence to shop around for a better deal,” says John Miles, head of business development at

“However, with the development of comparison sites, it has never been quicker or easier to compare hundreds of products from different providers.”

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.