People "switch-off" from shopping around at 71

Published by Rob Goodman on 30 October 2014.
Last updated on 30 October 2014

Online shopping

Consumers stop shopping around for the best energy and insurance deals when they reach 71 years old, costing them an extra £659 a year on average, new research has revealed.

Comparethemarket.com found that less than 3% of its users comparing deals were aged 71 or over.

This age group's reluctance to scope out better is hitting them in the pocket. According to the research, by switching providers pensioners could save up to £327.77 a year on average on their car insurance, £105.99 on their home insurance and £225.74 on their energy bills, saving them a total of £659.50 a year.

Surprising

Simon McCulloch, director of insurance, said: "As the government looks to introduce measures to increase the online competency of older generations, 71 is a surprisingly young age for 'silver surfers' to hang up their mouse.

"Despite the rise of so-called IAPs - Internet Aged Pensioners - it would appear that this has not dramatically encouraged more online shopping for products that would save the older generation of UK adults significant amounts of money."

He added: "It is clear that people in their 70s, 80s and above stand to save a considerable amount from shopping around at the point of renewal for their key insurance and utility products.

"However, not all are tech savvy tablet users and these individuals are missing out on deals as a result. For those of us that are more technologically able, it could take only five minutes to help those who are less proficient and it might help them make significant savings."

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