Have You Switched Financial Products To Save Money?

Comparison sites seem ever popular and yet almost a quarter of Brits have never switched the most common financial products, including their car insurance or credit card provider.

According to research by Gocompare.com, 23% of consumer have never switched any of the 20 most common financial products – including  their home and car insurance provider, energy provider or mobile phone provider and haven’t switched bank accounts, savings accounts or mortgage lender either.

As John Miles, Gocompare.com’s business development director commented, “Against a backdrop of rising prices for fuel and groceries, car insurance premiums at record highs and low interest rates on savings – consumers could make much needed savings by reviewing their financial products and switching to a better deal.”

He added “There are some considerable savings to be had – if you look at car and home insurance, the average savings on these are £320 and £232 respectively, and with a potential saving of £442 on gas and electricity, these are not savings to be sniffed at!”

With many financial services providers offering their best deals to attract new customers there is a real opportunity to shop around for the best deals.

The downside of course is that if providers are trying to attract new customers they are often not rewarding their loyal customers and this is borne out by the survey too as some 53% of consumers feel they are not being rewarded by their loyalty.

MoneyHighStreet.com comment: Financial products really aren’t as daunting as they sometimes appear to be and with the services offered by comparison sites, switching products can be very quick and easy.

For example if you decide to switch energy supplier via a comparison site they will help with the whole process.

Perhaps it’s time to act and see just how much money you could save by switching?