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“The switch to save message is sinking in…but there’s still plenty of work to be done…”

06 September 2016

Gocompare.com comments on the latest Ofgem switching statistics

Ben Wilson, energy spokesperson at Gocompare.com, comments on the latest switching statistics from Ofgem:

“The latest figures from Ofgem suggest that the ‘switch to save’ message is starting to sink in with households. According to our most recent survey, UK consumers are now more likely to switch their energy tariff than their home insurance provider each year. In fact, of all products and services, energy is the second most switched each year, just behind car insurance.

“That said, two thirds of consumers are still on expensive standard variable tariffs and missing out on significant savings of up to £292* by switching to a more competitive deal. So, there’s still plenty of work to be done in order to get customers switching.

“The big six energy suppliers aren’t suddenly going to drastically reduce the cost of their standard tariffs so it’s up to consumers to seek out the savings by getting online and comparing deals. It has never been easier to compare and switch online and there are a range of very competitive deals available for those who do, but it’s up to customers to push the button.”

For more information see Gocomare.com's guides on switching energy supplier.

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Notes to editors:

* 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.

Percentage of consumers switching financial products/utilities in the last 12 months

Car insurance – 22%

Energy – 18%

Home insurance – 16%

**At least 51% of customers who received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £292 or more from 01st January – 31st March 2016