UK consumers 'stubborn' over service providers
Britons are dragging their heels over financial services and utility expenses when better deals are available, according to a new study.
Almost 20 million Britons decided against moving to a new provider of everyday financial services and utilities in 2009, it was claimed today (January 5th).A new study by GoCompare.com has indicated that, despite the tough economic landscape, 41 per cent of consumers have not reacted by attempting to seek better deals.
According to the survey, auto insurance customers were the most active, with 22.7% of respondents opting to switch providers in the past 12 months.
Energy customers (20.6%) were also keen to secure cheaper rates, which is understandable against the current backdrop of ever-rising fuel prices and the subsequent competition created between companies.
In addition, 19% were found to have changed their home insurance provider in 2009, while 18.9% secured a new mobile phone tariff.
Broadband internet service providers only saw 14.4% of their customers switch packages and just 10.6% decided to shift their credit card balances to a different offering.
Lee Griffin, business development director at GoCompare.com, explained that the results highlight the value of Britons positioning themselves as new customers wherever possible.
He said: "Our research shows that millions of consumers could still be paying more than they should for things like insurance and energy because they stick with their existing provider without checking out the competition.
"In our experience, the only reward you get for loyalty is a higher price than you'd pay as a new customer, so shop around for the best deals and if your existing provider seems expensive, switch."
Meanwhile, MoneySupermarket.com has urged Britons to conduct a 'money MOT' in order to reduce their energy and insurance costs, and to making savings work harder.
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