- 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 and bank account;
- Car insurance is the product people are most likely to switch and a mortgage is the least likely to be switched;
- Men are significantly more likely to switch than women - 61% of men have switched and saved in the last year compared with 53% of women.
New research1 from Gocompare.com has revealed that 21 million2 UK consumers haven't switched providers for everyday financial services and utilities in the last 12 months.
Whilst Car Insurance remains the most switched product, with just over 1 in 5 (22%) consumers switching their provider in the last year, 36% have never switched their car insurer. Those, along with millions of other loyal customers, are potentially missing out on billions of pounds of savings every year.
The survey also revealed that women are 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 39% of men.
Financial and household utility products switched in the last 12 months
Land line phone
Bank current account
ISA or savings account
Not switched any in last 12 months
Neverswitched any of these products/services
Commenting on the research, Tom Lewis from Gocompare.com, said: "No one likes paying more than they have to, particularly if it's a grudge purchase like insurance or your mobile phone contract. Comparing the competition against your current deal is the best way of making sure you're getting the best value for money for the product you need and there's no easier way to that than to use a reputable price comparison website.
"Consumers who regularly compare prices and switch if they find a better deal can make some significant savings. According to independent research, just over half of customers using Gocompare.com could save up to £232.00 on their car insurance3, up to £62.00 on their home contents and buildings insurance4 and £207.00 on their energy bill5. If everyone who has never switched a financial product or utility, switches just one over the next year they could collectively knock billions of pounds off of their household bills.
"There's now a huge choice of car insurers, home insurers, banks and energy providers competing to win your business. There are energy companies and savings banks topping the best buy tables which few people had heard of five years ago. They're out to build market share by taking customers away from the big players and in our experience, the only reward for remaining loyal to a bank or insurer is a higher price than you'd pay as a new customer. So, shop around for the best deals and if your existing provider doesn't measure up, switch."
Gocompare.com's top tips to help people get the best deal on their financial products and household bills:
1. 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.;
2. Don't accept insurance renewal quotes or energy tariff changes without first checking that the new price you are being offered is competitive;
3. 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;
4. Use a comparison website - they provide quick and up-to-date information on a wide range of financial products and services. Remember, by setting up a free account with a price comparison site and telling them when your renewal is due, you'll get handy reminders emailed to you when it's time to switch again.
Notes to editors:
1. On 6th May 2016, Bilendi conducted an online survey among 2001 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.
2. 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.
3. 51% of customers could save up to £232.68 - Based on Online independent research by Consumer Intelligence during 01 February 2016 to 29 February 2016
4. 51% of consumers could save up to £62.54 - Based on Online independent research by Consumer Intelligence during 01 February 2016 to 29 February 2016
5. 51% of customers saved £207 switching energy with Gocompare.com - Based on 51% dual energy customers who received a price for switching with Gocompare.com, 01 October - 31 December 2015