Apathy Costs Consumers Hundreds
A quarter of all consumers in the United Kingdom have failed to change providers for any of the most popular 20 financial products in the course of the last 12 months. A new study by Gocompare.com suggests that while 65% of consumers are expecting to be in for a tough time financially during 2012, more than 12 million consumers have failed to switch any of the most common 20 financial products in the last year, including the likes of home insurance, energy provider, credit card lender or car insurance, including extended auto warranties.
Just over 8% of those who responded to the survey, which translates to over two million people in the United Kingdom, say that their largest financial worry for 2012 is being able to maintain their rent payments or mortgages, with 22% citing bills and the rising cost of living as being their most prominent concerns. Yet many of these people are failing to look for better deals on their finances.
The comparison website claims that consumers can save an average of £394 by changing their car insurance and £126 by changing their buildings and contents insurance. Given that energy bills are rising, a switch in energy companies could reduce the cost of a gas or electricity bill by as much as £557.
"Nearly two thirds of Brits are expecting 2012 to be a very difficult year for their finances, but... millions of consumers could be missing out on hundreds of pounds worth of savings by not reviewing their finances and switching to better deals" says Gocompare.com's Business Development Director, John Miles.
Author - Michael Barclay
published: 03/01/2012 11:00:01