Brits wising up to product-switching lark
Published On 25 January 2007
British consumers are becoming increasingly savvy to the notion that switching between financial products can offer net you a better deal, according to a new study. And with this new found attitude, it seems Brits are switching financial products in their droves with as many as 23 million people moving to cheaper gas and electricity bills, a new MoneyExpert.com report has found.
It is not just utility bills which Brits are seeking out better deals on with better-value mobile phone packages, credit cards, broadband, current accounts and mortgages all on the list as well.
Sean Gardner, chief executive of MoneyExpert, said: "Consumers have been voting with their feet. No provider is safe from the axe if they don't have a competitive product or good customer service. Customers aren’t shirking from moving on if they’re not happy."
The second half of 2006 saw around 212,000 products switched every day – a total of around 39 million products and services switched by Brits hungry to find a better deal.
Gas and electricity proved the most popular area for switching, followed by car insurance and credit cards with telecom products in third place.
Mr Gardner said: "Some providers charge fees for leaving or will tie you in to your contract for a limited period, so don't change just for the sake of it.
"For example, if you switch your mortgage you could be hit with early redemption charges before you move, then with application fees and legal costs once you've changed."
