Consumers predict difficult financial year ahead

While the majority of consumers are anticipating that 2012 will bring financial difficulties with it, yet there are some who haven’t taken steps to lower their outgoings by switching to a discount car insurance provider, new research says.

A car insurance comparison site found that 65 per cent of Brits anticipate financial difficulties throughout the next 12 months.  However, approximately 12 million UK consumers have not changed financial services providers for such products as motor car insurance, mortgages, or energy providers.

A little over 8 per cent of research survey respondents, which equates to in excess of 2 million Brits, reported that maintaining their rent or mortgage payments will be their chief financial worry next year.  Meanwhile 22 per cent stated that their primary concern was the rising cost of living, yet too many are dragging their feet when it comes to looking for the best deals.

Customers could save around £394 on average on their car insurance premiums, according to the comparison site’s data.  Meanwhile, Brits who switch their buildings and contents insurance could save an average of £126 a year, and switching your energy company could cut an electricity or gas bill by £557 on average, the site also found.

The website’s business development director, John Miles, remarked that almost two out of every three Brits have the expectation that 2012 will not be an easy year for their financial health, yet research findings reveal that all too many consumers are not taking advantage of the market by shopping around for the best deals.  Loyalty is seldom rewarded by energy providers, banks, and insurers, Mr Miles added, commenting that consumers need to invest time to reap the benefits.

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