A leading car insurance comparison site that all too many Brits have not switched providers for financial products such as motor car insurance, bank accounts, or home insurance, even though most UK consumers are predicting the coming year will be a financially taxing one. In addition to the 12 per cent of motorists not switching insurers, 22 per cent of banking customers still have their original bank account, and 13 per cent are still with their initial home insurance provider.
This proclivity for not switching providers also extended to life insurance, energy providers, savings, mortgages, and mobile phone providers. The research indicated that, despite the benefit of paying less for these services and products, anywhere from 8 per cent to 14 per cent of Brits have never shopped around for a better deal.
The website’s business development director, John Miles, said that almost two out of every three UK consumers are expecting this year to be a trying one in regards to financial matters, yet his organisation’s research indicates that millions of Brits are not reviewing their finances and making the switch to cheaper providers. This means these consumers could be spending hundreds of pounds more than they need to, Mr Miles added, especially since it is not customary for lenders, energy providers, and insurers to reward loyalty when it comes to their long-term customers.