Skint Brits failing to seek out better deals

8 July 2013

Four in 10 Brits are feeling worse off financially than this time last year, according to research from comparison website, with one in five admitting to being seriously concerned about their financial wellbeing.

Finances have become so stretched that 21% of UK adults run out of money before the end of the month.

Yet despite these concerns, revealed that nearly half of Brits (49%) haven't switched any of the top 10 most popular financial products to get a better deal in the past 12 months. A lethargic 19% had never switched any of them.

Around a quarter of motorists have not switched car insurers in three years, 33% have not switched home insurers and a whopping 59% have not changed their energy supplier during this time.

More worrying still are the number of Brits who haven't ever switched some products with 37% failing to get a better deal on their current account, 31% sticking with the same mortgage lender and 25% putting up with the same broadband provider.

Regularly shopping around for the best deals can save smart consumers hundreds of pounds every year.

According to the comparison site the typical customer could save £247.07 by shopping around for car insurance, £122.47 on their home insurance and £449.19 by switching energy suppliers.

Compare energy prices and switch provider

Claire Peate, customer insight manager at Gocompare said: "Many Brits are feeling the pinch more than ever but there's a lot consumers can do to help their household budgets go further. A few minutes spent regularly checking your insurance deals, energy tariff, credit cards and phone tariffs could mean you spend less on the things you hate paying for leaving you more money to spend on the things you like."

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