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43% of Brits haven’t switched any of the 10 most common financial products in the last 12 months

26 May 2015
  • 21 million (43%) of Brits haven’t switched provider for any of the 10 most common financial products in the last year including car or home insurance, energy, broadband, mobile phone
  • Car insurance is the product people are most likely to shop around for

New research* reveals that 21 million** UK consumers haven’t switched providers for everyday financial services and utilities in the last 12 months – potentially each missing out on hundreds of pounds of savings. Car insurance tops the list of products switched in the last year, with just under a quarter (24%) of consumers proactively comparing deals and switching to companies offering better value for money.   

The survey, commissioned by Gocompare.com, also revealed that women appear less likely to switch than men. Just under half (47%) of women surveyed hadn’t switched any of the top financial and utility products in the last 12 months compared with 37% of men surveyed. Of those comparing products to make savings, more men than women switched products across all categories:

Financial and household utility products switched in the last 12 months

 

 

All adults

Men

Women

1

Car insurance

24%

29%

20%

2

Energy provider

21%

24%

18%

3

Home insurance

18%

19%

17%

4

Mobile phone

15%

16%

14%

5

Broadband provider

12%

12%

11%

6

ISA or savings account

11%

14%

9%

7

Bank current account

9%

11%

7%

8

Land line phone

8%

10%

7%

9

Credit card

8%

11%

6%

10

Mortgage

3%

4%

3%

Net switched in last 12 months

57%

63%

53%

Never  switched any of these products/services

18%

16%

20%

Commenting on the research, Lee Griffin from Gocompare.com, said: “Switching is an easy way to save money. Across the range of insurances, household utilities and other financial products, cost conscious consumers who compare prices and switch regularly can make some significant savings. According to independent research, just over half of customers using Gocompare.com could save up to £213 on their car insurance*** and  up £286 on their energy bill****.

“While many people have become committed comparers and switchers our research shows that millions of consumers, particularly women, could be paying more than they should because they’re sticking with their existing provider without checking out the competition.

“Currently, the energy and car insurance markets are very competitive. But, typically the best deals are used to attract new customers rather than offered to existing ones.  So, unless you’re an active shopper you’re likely to miss out on the cheaper prices.

“In our experience the only reward you get for loyalty is a higher price than you’d pay as a new customer. So, shop around for the best deals and if your existing provider seems expensive, switch.”

Gocompare.com’s top tips to help people get the best deal on their financial products and household bills:

  • Plan ahead: In order to give yourself time to review your arrangements and make sure that you’re still getting a good deal, diarise key dates including renewal dates, expiry dates of fixed rates or tariffs, the end of introductory offers, etc.; 
  • Don’t accept insurance renewal quotes or energy tariff changes without first checking that the new price you are being offered is competitive;
  • As well as comparing prices and headline rates, check the small print of the deal you are being offered.  Make sure that you understand all the charges, any penalties, exclusions and terms and conditions you will be required to meet;
  • Use a comparison website – they provide quick and up-to-date information on a wide range of financial products and services.

-ends-

Notes to editors

*On 17 March 2015, Bilendi conducted an online survey among 2005 randomly selected British adults who are Maximiles UK panelists.  The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.

** 21 million based on the UK Adult population (20+) estimated to be 48,913,000 (Source: Annual mid-year population estimates for the UK, 2014). 43% of people have not switched providers for the financial products and services. 43% of 48,913,000 is 21,032,590.

*** Based on independent research by Consumer Intelligence during 1 February 2015 to 28 February 2015 51% of consumers could achieve a saving of up to £213.29 with Gocompare.com car insurance based on a comparison of at least 39 companies;

**** At least 51% of customers who received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £286 or more between 01 January – 31 March 2015.