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Brits more loyal to their mortgage provider than their partner

10 September 2013

More Brits stayed loyal to their mortgage provider in the last year, than their employers or partners - only 2% switched their mortgage compared with 11% changing jobs and 3% changing their partners.

The research commissioned by leading comparison website Gocompare.com also found that cash-strapped Brits were more likely to change where they shopped than where they banked.

18% of people surveyed said that they had changed their main grocery shop, while 12% had changed their usual clothes store and one in ten shopped around for a better deal when filling up with petrol or diesel.   But, only 7% had looked for savings by switching their current account and six per cent from changing credit card provider.

 

Product, service or shopping destination switched in the last year

%

1

Car insurance

19

2

Main grocery shop

18

3

Home insurance

16

4

Energy (gas and/or electricity) provider

14

5

Usual clothes shop

12

6

Mobile phone network or tariff

12

7

Job

11

8

Broadband provider

11

9

Usual petrol/diesel outlet

10

10

Online shop for books/CDs

8

11

ISA or savings accounts

8

12

Landline telephone provider

8

13

Bank current account

7

14

Credit card

6

15

Newspaper

5

16

Doctor

5

17

Regular pub or club

5

18

Usual morning coffee shop

5

19

My partner

3

20

Mortgage

2



Claire Peate, Gocompare.com's customer insight manager, said: "Many Brits are feeling squeezed by rising prices and flat wages - 41% of people taking part in our survey said that they are financially worse off than they were this time last year.

"One of the best ways to save money is to get into the habit of regularly comparing products and prices to see if you can switch to a better deal.  This thrifty habit will not only help you to save money on your weekly food shopping bills and each time you fill up your car - but, could make you significant annual savings on your insurances, utility bills and other financial products."  

Top financial switching tips from Gocompare.com to help people get the best deal on their financial products and household bills:

  • Plan ahead and diary key dates such as renewal dates, the expiry dates of fixed rates or tariffs, the end of introductory offers, etc. in order to give yourself time to review your arrangements and make sure that you still getting a good deal;
  • Don't accept your insurance renewal quotes or energy tariff changes without 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 site - they provide quick and up-to-date information on a wide range of financial products and services.

-ends-

Notes to editors:

On 12th - 13th June 2013, Vision Critical conducted an online survey among 2,002 randomly selected British adults who are Springboard UK panellists. 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.